Luxury Full Floor Condo at Manhattan’s Crown Building in Contract for $55M

By: Hadassa Kalatizadeh

Vladislav Doronin’s Crown condo Building has sealed another large contract.

A luxury condominium at Aman New York in Manhattan is in contract for $55 million, which was the full asking price. As reported by the Wall Street Journal, the full-floor apartment boasts close to 6,300 square feet and includes four bedrooms. The building at 730 5th Avenue is still under construction.

Vanessa Grout of Aman, a hospitality company which will operate the iconic hotel on the building’s lower floors, told the WSJ that another home in the building also went into contract for $29 million, which was the asking price. The second apartment spans about 4,700 square feet and has four bedrooms. The buyers in both deals were not identified but Ms. Grout said they were both domestic buyers looking to add an extra home to their portfolios.

The two sales bring the condo project close to being sold out. Only four units remain, including a full-floor penthouse asking $59.4 million, said Ms. Grout. Closings are set to begin in the first quarter of 2022, and the hotel is slated to open in May. The building’s apartments represent the first urban residences by the Aman brand, which is known for ultra-luxe hotels usually in remote international destinations. The building offers 22 private high-end condos on the upper floors, paired with all hotel amenities, and the Aman Club accessible for owners. The residences are being developed by Doronin’s OKO Group.

The 26-story building will also consist of 83 hotel rooms designed by Jean-Michel Gathy, as well as restaurants, a Garden Terrace & Bar with 7000 square feet of outdoor dining space, a private members club, the three-story Aman Spa, a Jazz Club and Wine Room, as per the Amal website. The iconic crown building, built in 1921, is well-known for its green copper pinnacle which lights up at night. It was once the first home of Museum of Modern Art.

As per the WSJ, residential sales at the building were launched in 2018, but the pandemic initially led to lack-luster demand. “All of a sudden, everything is moving extremely fast,” Ms. Grout said, referring to the pickup in NYC’s luxury market. Previous sales at the building included two three-bedroom apartments sold in July for $30 million and $34.5 million. Before that there were a pair of full-floor homes that went into contract for $70 million each. A five-floor Crown Penthouse at the building went into contract in 2018 for $180 million.