Shvo, Amanresorts buy non-retail piece of Crown Building for $500M

Jeff Sutton and General Growth Properties set to close on $1.8B deal for the entire building

From left: Michael Shvo and the Crown Building
From left: Michael Shvo and the Crown Building

UPDATED 11:50 a.m. April 7: Michael Shvo and Russian developer Vladislav Doronin are buying the majority of the Crown Building.

Luxury condominium developer Shvo and Doronin’s Amanresorts, a hotel developer, are buying buy roughly 290,000 square feet — from the fourth through the 24th floor — for $500 million, according to the New York Post. That price comes down to $1,724 per square foot.

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Last fall, Jeff Sutton’s Wharton Properties and Sandeep Mathrani’s General Growth Properties decided to buy the entire, 400,000-square-foot building, located at 730 Fifth Avenue on the corner of 57th Street, from the Winter and Spitzer families for $1.8 billion. Shvo and Doronin’s purchase is expected to close at the same time as the sale of the entire building, according to the newspaper. Shvo’s involvement will likely mean that luxury condos are coming to the Crown Building.

Eastdil Secured’s Douglas Harmon and Adam Spies marketed the building. [NYP] — Claire Moses