Vlad Doronin’s Crown Building notches another $50M sale

Mystery buyer pays $53M for full-floor unit at Aman-branded 730 Fifth Ave

Vlad Dronin with the Crown Building (Crown Building, Getty)
Vlad Doronin with the Crown Building (Crown Building, Getty)

Stop us if you’ve heard this before: Vladislav Doronin’s luxury condominium conversion at the Crown Building scored another massive sale.

This time it was unit 21A, which went to a mystery buyer last week for $53.4 million, according to city records filed Wednesday. No loan documents were associated with the sale, suggesting an all-cash buy. The building’s condo declaration indicates it’s a full-floor apartment.

It’s the third unit in as many months to sell for at least $50 million at 730 Fifth Avenue, where Doronin’s OKO Group is converting 20 floors of former office space into a 22-unit condo and 83-key luxury hotel branded as Aman New York. In May, a full-floor unit on the 22nd floor went for $55 million, and last month, a mystery buyer linked to a Swiss money manager paid $76 million for a full-floor unit two stories down.

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The redevelopment atop the Crown Building began in 2015, when OKO Group partnered with Michael Shvo to buy the office portion of the building for $475 million. Shvo left the partnership two years later, but retains a small stake. Brookfield Property Partners owns the building’s retail portion.

Doronin secured $754 million from JPMorgan to refinance the project in June. Work is expected to be completed this summer.

Sponsor units have dominated Manhattan’s luxury market lately, but few have come close to commanding the prices that Aman New York has. The priciest unit to go into contract last week was a duplex penthouse asking $21 million at JDS Development Group and Property Markets Group’s 111 West 57th Street.