Crown Building’s PH will ask $100M-plus

New York /
Oct.October 26, 2017 05:47 PM

A five-story penthouse at the “crown” of the Crown Building will be priced north of $100 million.

Spanning 14,000 square feet, it will have four bedrooms, a wraparound terrace and indoor and outdoor swimming pools, according to Russian developer Vladislav Doronin.

“This is a unique product,” Doronin told Bloomberg. “I don’t see any competition, because for the moment, we don’t have any similar buildings.”

Doronin and broker-turned-developer Michael Shvo bought the office portion of the Crown Building — 290,000 square feet on floors four through 24 — for $475 million in 2015. Plans call for converting the building into an 83-key Aman-branded hotel and 20 luxury condos.

As of Sept. 13, Shvo was not involved in marketing the project although he retained an equity stake in the project, a spokesperson for OKO Group LLC, the development headed by Doronin, told The Real Deal at the time.

The condo portion of the development will start on the 11th floor. Prices will start at $5.9 million for a one-bedroom measuring 1,149 square feet. A larger one-bedroom, spanning 2,109 square feet, will ask $10.6 million. A three-bedroom with 4,384 square feet will ask $26.6 million while a 6,287-square-foot unit with four bedrooms will be priced at $58.3 million.

The 83-room hotel is expected to have a three-story spa spanning 22,000 square feet, an Aman member’s club, a jazz club and cigar bar. It will also have a Japanese restaurant, an Italian restaurant, a piano bar and a wine library.

Building an urban resort is expensive, and Doronin said the condo component would offset the expenses — which can add up to $3 million per room. “The residential component leverages and optimizes the price of the hotel,” he said.

In September, Alchemy listed the penthouse at the Woolworth building for $110 million. And at Vornado Realty Trust’s 220 Central Park South, a 23,000-square-foot penthouse is asking $250 million, or nearly $11,000 per foot. [Bloomberg] — E.B. Solomont


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