Northeast

NEW YORK CITY — A joint venture between Oxford Properties Group and Crown Acquisitions has acquired a significant interest in Olympic Tower, a 380,000-square-foot office building on Fifth Avenue in New York City. The 21-story tower is home to the National Basketball Association and approximately 120,000 square feet of retail, including Cartier and Versace. The seller was Williston S.A., a business operating arm of the Alexander S. Onassis Public Benefit Foundation. Last May, Crown Acquisitions acquired a 49.9 percent interest in Olympic Tower in a transaction valued at $1 billion, according to various media reports. Under the new agreement, the asset will be jointly owned by Oxford Properties, Crown Acquisitions and the Onassis Foundation. JP Morgan assisted Crown Properties with the joint venture.

NEW YORK CITY — JMC Holdings has acquired a 34,722-square-foot office penthouse at 99 Hudson St. in New York City for $18.5 million. The space spans three contiguous floors in the 16-story building and features a private roof deck. The new owner plans to invest $4 million in renovating the space. The seller is NAACP Legal Defense Fund, which occupied the property since 1984. JMC Holding was self-represented by Matt Cassin and David Taylor. Janet Woods of Jones Lang LaSalle represented the seller.

NEW YORK CITY — The Federal Emergency Management Agency (FEMA) has signed a 200,000-square-foot lease at Forest HillsTower, to serve as the agency's New York City headquarters over the next several months. FEMA will utilize the space for administrative offices. There will be no on-site access to the general public. Given the organization's urgent need to oversee emergency-related activities in the aftermath of Hurricane Sandy, FEMA closed the transaction within a 48-hour period. Ken Siegel of Jones Lang LaSalle represented the landlord, Muss Development in the transaction. Mark Greenspan of CBRE Group represented the United States General Services Administration, which acted on behalf of FEMA.