Crown Building notches another peak sale with $55M condo

Full-floor unit at Aman New York sold in one of year’s biggest trades

OKO's Vladislav Doronin and the Crown Building ( OKO Group, Aman)
OKO's Vladislav Doronin and the Crown Building (OKO Group, Aman)

Vladislav Doronin’s OKO Group has nailed down one of the biggest condo sales of the year at the luxury Crown Building.

A buyer closed on a full-floor unit at the Aman New York condominiums for $55 million, the Wall Street Journal reported, roughly $8,730 per square foot. The asking price for the apartment was roughly $62.5 million, according to the condo’s offering plan. The 22nd-floor apartment covers approximately 6,300 square feet and includes four bedrooms.

The buyer of the condo is unclear. Tal Alexander of Douglas Elliman represented the buyer, but declined to comment to the Journal about their identity.

The condo and hotel project occupies the top 20 floors of the building at 730 Fifth Avenue. 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.)

One of the condos went into contract for $180 million in 2018, marking one of the priciest home sales in the city’s history. A year later, Doronin told the Journal that two additional units were under contract for a combined $145 million.

A source told the Journal there could be several larger deals at the building later this year.

OKO Group previously landed $750 million in financing for the project in 2019, consisting of a $300 million senior loan from Bank OZK and a $450 million of mezzanine debt from Cain International. The Real Deal reported last month the OKO Group was closing in on a refinancing of about $820 million from JPMorgan.

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Vlad Doronin nears massive refi for condo, hotel project at Crown Building
100 Eleventh Avenue (iStock, Rhododendrites/CC BY-SA 4.0, via Wikimedia Commons, Illustration by Kevin Cifuentes for The Real Deal)
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Lower-end listings dominate Manhattan’s luxury deals
From left: Yossi Benchetrit and Gaëlle Pereira Benchetrit in front of 432 Park Avenue (Altice USA, Facebook/Gaëlle Pereira Benchetrit, 432 Park Avenue, iStock)
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432 Park Avenue condo in $70M contract for in-house buyers

The luxury market in Manhattan has recently been dominated by lower-end listings, but there have been a few major deals this year and the Aman deal would rank highly among them.

Yossi Benchetrit and Gaëlle Pereira Benchetrit were in contract to spend $70 million on an 8,000-square-foot unit at Harry Macklowe and CIM Group’s 432 Park Avenue, the Journal reported last month. They already own another unit in the building, which they bought for $23.9 million.

Earlier this year, billionaire investor Daniel Och closed on selling his penthouse at 220 Central Park South for $190 million. Och paid about $93 million for the apartment in 2019, plus another $2 million for a one-bedroom unit on a lower floor.

[WSJ] — Holden Walter-Warner