Arlen Realty & Development Corporation
| REIT | |
| Genre | Real Estate |
| Founded | 1959 |
| Founders | Arthur G. Cohen and Arthur N. Levien |
| Headquarters | New York City |
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Area served
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United States |
Arlen Realty & Development Corporation, also known as Arlen, was an American REIT founded in 1959 by Arthur G. Cohen, Arthur N. Levien, and Marshall Rose. It is notable as one of the largest publicly traded REIT's in the 1970s. Arlen began by developing suburban shopping centers throughout the country, and in 1971 purchased national discount retail chain E.J. Korvette. By 1975 Arlen owned and managed over 42 million square feet of shopping centers, and controlled over $1.7 billion of US real estate assets.
Arlen Developed Olympic Tower with Aristotle Onassis in 1975. The building is a 52-story building in Midtown Manhattan, in New York City on Fifth Avenue, between East 51st Street and East 52nd Street. The exact address is 641 Fifth Avenue. It was constructed on a site that was occupied by a Best & Company Store that was built in 1947. It contains 225 condominium apartments and more than 250,000 square feet (23,000 m2) of office space and retail space. Situated next to St. Patrick's Cathedral, it offers views of the cathedral's buttresses and Fifth Avenue. Upon construction, it became a prime real estate location for the glitterati of that time.
The planned use of the building was a groundbreaking concept at that time because it was the first mixed use zoned for Fifth Avenue, which had 21 floors of offices, 30 of condominiums and high-end retail on the first floor. It was designed by the architectural firm of Skidmore, Owings and Merrill, who also designed the Willis Tower and John Hancock Center in Chicago, as well as many other high-rise buildings in the U.S. and worldwide.
Olympic Tower was the first residential condominium building in New York to have been built on a ground lease, and set a precedent for many future high end developments such as neighboring Trump Tower. In 2012, an Oxford Properties partnership purchased a minority interest in the buildings retail that valued it at over $1 billion.
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