Crown Acquisitions purchases 1553 Westchester Ave. for $6 million

Stanley Chera's Crown Acquisitions, one of the nation's most active investors and developers of retail property, purchased 1553 Westchester Ave., a 10,000 s/f newly constructed property in a $6 million transaction according to Isaac Chera, principal of Crown Acquisitions. Credit tenant AT&T will anchor the Ward Ave. corner of 1553 Westchester Ave. with a 2,500 s/f store. AT&T was represented by Winick Realty in this transaction. Crown Acquisitions will direct the leasing for the remaining 7,500 s/f over the next year. This purchase represents the second acquisition for Crown on the Westchester Ave. retail thoroughfare. The other property, 1593 Westchester Ave., is fully leased to tenants including Duane Reade and Dunkin' Donuts. Stanley Chera's Crown Acquisitions is one of the largest private owners of retail and office property in North America, with a portfolio of ownership interests in 15 million square feet of assets. Crown Acquisitions is recognized for its ability to maximize its assets by working with top retailers to redevelop and invigorate prime retail thoroughfares, including Brooklyn's Fulton Street where the company got its start more than 50 years ago. Crown Acquisitions owns properties in major cities such as New York, Chicago, Toronto, Philadelphia, Boston and Miami, as well as other metropolitan markets, where its assets are situated in precise locations that feature excellent transportation arteries. Crown Acquisitions also develops and redevelops properties on behalf of retailers throughout the tri-state region. The company's portfolio includes 666 Fifth Avenue,358-362 Fifth Ave, 1 West 34th St, World Trade Center, Herald Center and 600 Broadway in New York; 645 North Michigan Avenue in Chicago, IL; Lexington Ave, Baltimore, MD and the Miami Merchant's Mart in Miami, FL.