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 building's retail space that valued it at over $1 billion.
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