The Real Deal New York

Doronin, Aman Group land $285M development loan for Crown Building

UK-based investment firm Cain International is the lender
By E.B. Solomont and Konrad Putzier | December 19, 2018 05:40PM

From left: Jonathan Goldstein, the Crown Building at 11 W 56th Street, and Vladislav Doronin (Credit: CityRealty)

Vladislav Doronin’s OKO Group and its partner Aman Group landed a $284.5 million loan from Cain International to fund the conversion of the Crown Building’s upper floors into apartments and a hotel.

The partners plan to turn the upper portion of the office building at 730 Fifth Avenue into 20 luxury apartments and an 83-room Aman hotel. The five-story penthouse went into contract for $180 million earlier this year, which could make it the city’s most expensive apartment once the sale closes.

The new loan replaces a mortgage from Deutsche Bank and Oxford Properties Group. It is the first time that Cain, a U.K.-based real estate investment firm, issued a construction loan in the U.S.

Cain and Doronin are also partnering on the construction of the 47-story condo tower Una at 175 Southeast 25th Road in Miami.

Doronin and then-partner Michael Shvo bought floors four through 24 of the property for $475 million in 2015. A year later, Shvo was pushed out as a co-developer following tax evasion charges, but he kept a stake in the project.