Arlen Realty and Development Corporation facts for kids

Arlen Realty & Development Corporation, also known as Arlen, was a large company that built and managed properties. It was started in 1959 by Arthur G. Cohen and Arthur N. Levien. In the early 1970s, Arlen was one of the biggest companies of its kind.

Arlen first focused on building shopping centers in many parts of the United States. In 1971, they bought a discount store chain called E.J. Korvette. By 1975, Arlen owned and managed a huge amount of shopping space. They also controlled over $1.7 billion worth of real estate in the U.S.

Amazing Buildings and Projects

Arlen Realty & Development Corporation worked on many exciting projects. They helped create famous buildings and even parts of cities.

Olympic Tower: A Skyscraper in New York

Arlen built the Olympic Tower in 1975 with Aristotle Onassis. This building is 52 stories tall and stands in Midtown Manhattan, New York City. It's located on Fifth Avenue, a very famous street.

The Olympic Tower was built where a store called Best & Company used to be. It has 225 apartments and lots of space for offices and shops. It's right next to St. Patrick's Cathedral. This gives it amazing views of the cathedral and Fifth Avenue. When it was new, it became a top spot for famous people.

The idea behind the Olympic Tower was quite new for its time. It was the first building on Fifth Avenue to mix different uses. It had 21 floors for offices, 30 floors for apartments, and fancy shops on the ground floor. The famous company Skidmore, Owings and Merrill designed it. They also designed other tall buildings like the Willis Tower in Chicago.

The Olympic Tower was also the first apartment building in New York to be built on a "ground lease." This means the company rented the land for a very long time. This idea later became common for other big buildings, like the nearby Trump Tower.

Aventura: A City Takes Shape

Donald Soffer owned the land where Aventura, Florida is now. He wanted to build a project there called Biscayne Village. He needed help getting money, so he worked with the John Hancock insurance company. They agreed to help if Arlen was the main developer.

The name "Biscayne Village" caused confusion with a nearby town. So, the name was changed to Aventura. This led to the early growth of the city of Aventura, Florida. Arlen also built other projects in the area. These included apartment buildings like Arlen House and the Aventura Country Club.

Other Famous New York City Buildings

Arlen also developed other well-known buildings in New York City. The Arlen Building, also known as 888 7th Avenue, was built in 1971. This building served as Arlen's main office.

They also owned parts of other important buildings. These included 1500 Broadway in Times Square and 1166 Avenue of the Americas. Other properties were the Westyard Building, 100 Wall Street, and 800 Third Avenue.

Shopping Centers Across the Country

Arlen had a big division that focused on shopping centers. This part of the company was based in Chattanooga, Tennessee. They owned and managed many large shopping malls. They also had hundreds of smaller shopping areas across the United States and Puerto Rico.

In 1970, Arlen's shopping center division joined with Charles Lebovitz's company. They formed a new group called Arlen Shopping Center Group. Charles Lebovitz later started his own successful company, CBL Properties. Some of the large shopping centers Arlen developed include the Jefferson Valley Mall and Monmouth Mall.

E.J. Korvette's Stores

Arlen owned the E. J. Korvette discount store chain from 1971 to 1979. They used the money from these 50 stores to help their other projects. However, under Arlen's ownership, the Korvette's stores started to struggle. They lost customers and their quality went down. Arlen sold the chain to a French company in 1979.