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New York

Doronin’s Crown Building trades condo for $35M

Unit 18A fetched full offering price of $9K per sf

Vlad Doronin with 730 Fifth Avenue
Vlad Doronin with 730 Fifth Avenue (City Realty, iStock)

Vlad Doronin’s OKO Group has sold another gem on Billionaires Row.

An international buyer paid $34.8 million for a 3,700-square-foot condominium in Aman New York, the developer’s luxury hotel and residential project at 730 Fifth Avenue in Midtown.

The three-bed, three-bathroom unit boasts a 1,000-square-foot terrace, and fetched its full offering price, according to plans filed with the New York State Attorney General. Jean-Michel Gathy of Denniston designed the interior, which includes views of Central Park and a 42-foot heated pool.

The sale was recorded Thursday, but closed in an off-market transaction on June 30th. The limited liability company that bought the condo listed a corporate address in Budapest, Hungary.

The luxury project occupies the top 20 floors of the Crown Building, converting office space to 22 luxury condos under the Aman Resorts brand. It is expected to be completed in the coming months, seven years after Doronin partnered with Michael Shvo to buy the space for $475 million. (Shvo later left the conversion, as The Real Deal reported in 2017, but retains a small interest in the project.)

Aman Resort (Street Easy)

 

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Aman Resort (Street Easy)

Amie Buchanan, global director of residence sales at luxury hospitality brand Aman, handled the sale for Aman New York.

No recorded loan documents are tied to the 18A unit, suggesting an all-cash transaction. The property celebrates “the splendour of the Gilded Age,” according to its website, and has closed several high-dollar transactions this year.

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At $9,200 per square foot, 18A pulled in more on a per-foot basis than a full-floor unit that sold in May for $55 million, or roughly $8,730 per square foot, after asking $62.5 million.

However, the latest unit to move still came in behind the priciest unit to sell in the building, which traded earlier this month for a whopping $76 million, or about $11,200 per square foot.

Sales opened in early 2020. Eight condo units have closed at the building, according to city tax and real estate records.

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Condo MarketVlad Doronin