The Crown Building, the Fifth Avenue landmark at the intersection of the city’s most expensive real-estate crossroads, is on the block.
The price for the trophy building at 730 Fifth Ave. on the southwest corner of W. 57th Street could sell for a princely sum between $1.5 billion and $2 billion, sources said.
Bergdorf Goodman, LVMH and Tiffany anchor the other three corners of the intersection, making this property a once-in-a-lifetime luxury prize.
Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner are selectively marketing the building, sources said.
The sellers of the tower where Bulgari and Mikimoto ply gems and pearls are the Winter family and the Spitzer family, now headed by former Gov. Eliot Spitzer.
Famous for its golden top, the striking Art Deco tower was once owned by Ferdinand and Imelda Marcos before a military-backed revolt toppled their regime.
The 400,000 square-foot tower’s tenants include talent and literary agency ICM, private-equity giants KKR and Apollo Global Management and men’s designer Ermenegildo Zegna.
Some 35,000 square feet is retail that includes Bank of America and Piaget along with Bulgari and Mikimoto.
Ferdinand Marcos’ secret purchase of the building through a web of companies sparked years of court battles and international intrigue before the Philippine government sold it at auction in 1991.
The original buyers were Jerome L. Greene, Marvin Winter and Bernard Spitzer, whose company, Spitzer Enterprises, is now controlled by son Eliot. Bernard Spitzer died last month.
The group laid out more than $93.6 million for the half-empty, 25-story building in the court-ordered sale.
In a funny coincidence, the Crown once had many men’s-shoe showrooms. Imelda Marcos was famous for her shoe collection.
It later took 1,363 ounces of 23-karat gold leaf to restore the façade, statues and gilded elevators. The building is 97.8 percent full, according to CoStar data, and was recently renovated.
It not uncommon for new area retailers to be charged $4,000 per foot and office tenants to pay more than $150 per foot for the best Plaza District locations.
Designed in 1921 by Grand Central Terminal’s architects, Warren & Wetmore, the building is distinguished by its tall gilded crown.
There are numerous terraces and views to Central Park, making it a possible residential or hotel conversion candidate.
The Crown offering follows the pending sale of 1095 Sixth Ave. for $2.25 billion also marketed by the Eastdil team.
Neither the sellers or the brokers would comment.