Russian Born Billionaire Vladislav Doronin Purchases Aman NY Penthouse in Crown Building for $135M

Edited by: TJVNews.com

In 2019, Russian-born billionaire Vladislav Doronin announced to The Wall Street Journal that he had struck a deal to sell the penthouse at Aman New York in the Crown Building for an astounding $180 million to an Asian buyer. Fast forward five years, and the sale of this luxurious penthouse has finally closed, but for a significantly reduced price of $135 million, as was reported in the WSJ on July 11th. Contrary to the initial announcement, the buyer is not an Asian investor but Doronin himself, according to sources familiar with the transaction.

The Aman New York penthouse is an epitome of luxury, occupying the top five floors of the historic Crown Building, renowned for its copper pinnacle. According to the information provided in the WSJ report, the penthouse offers approximately 13,236 square feet of indoor space, complemented by an additional 4,462 square feet of outdoor space, encompassing seven bedrooms as per the offering plan. Delivered in an unfinished state, the penthouse presents a blank canvas for bespoke design and customization.

The Crown Building, a 1920s architectural marvel, underwent a significant transformation spearheaded by OKO Group, the U.S. development firm founded by Doronin, as was explained in the WSJ report. The building now houses 22 condominium units on its top floors, along with the Aman New York hotel. Sales for these exclusive residences commenced in 2018, with the conversion completing in 2022. The building quickly attracted affluent buyers, culminating in a sell-out status.

The Aman New York residences have commanded impressive prices since the conversion’s completion. In February, a residence on the 24th floor sold for $61.58 million, while a 20th-floor unit fetched $75.8 million in 2022, the report in the WSJ indicated. These transactions call attention to the Crown Building’s status as one of New York City’s most coveted residential addresses.

Vladislav Doronin, 61, is not only a prominent developer but also a seasoned real estate investor with a portfolio of luxury properties across the globe. In addition to his penthouse in the Crown Building, Doronin owns a residence in the complex formerly known as Time Warner Center in Manhattan. The WSJ report added that his other properties include homes in Miami Beach, Florida; London; Ibiza; and outside Moscow. Among his notable holdings is one of the few private homes designed by the late architect Zaha Hadid.

Doronin’s acquisition of the Aman New York penthouse at a reduced price raises intriguing questions about his strategic intentions. While neither Doronin nor a spokesperson for Aman has commented on the transaction, it suggests a calculated move within the high-stakes luxury real estate market, as was observed in the WSJ report. By securing the penthouse for himself, Doronin retains control over a prime piece of New York real estate, potentially leveraging it for future investment or personal use.

Aman New York offers an unparalleled living experience, blending luxurious accommodations with world-class amenities. Residents and guests enjoy access to the hotel’s extensive facilities, including a spa, dining establishments, and exclusive lounges. The combination of bespoke services and the building’s historic charm creates a unique lifestyle opportunity in the heart of Manhattan.

Back in 2019, Doronin admitted to eyeing a unit at the Crown Building for himself. At the time, he expressed interest in an $83.5 million spread, noting that it would offer better amenities than his apartment at the Time Warner Center. “I have an apartment, but I am missing a fireplace and I’m missing a terrace,” he remarked to the WSJ, indicating a desire for enhanced luxury and comfort.

While it is not uncommon for developers to buy units in their own projects, Doronin’s purchase is particularly noteworthy due to its ostentatious nature. Initially, there was a deal to sell the penthouse to an Asian buyer, but it ultimately fell through. The earlier reported offer was for a fully built-out unit, while Doronin’s purchase represents an unfinished ‘raw’ unit, which accounts for the $45 million difference in price, the WSJ reported. This strategic decision highlights the potential for customization and personal tailoring that comes with purchasing an unfinished property.

Also in 2019, Doronin acknowledged the challenges of delivering ultraluxury condos into an arguably oversaturated market, particularly along the Billionaires’ Row corridor where the Crown Building is located. Indicated in the WSJ report was that despite these challenges, Doronin remained optimistic about the unique appeal of the Aman New York project. He believed that its distinctiveness would allow it to “fly above the clouds” in the competitive New York market.

Doronin’s confidence in the project is reflected in his bold approach. “We say ‘If you don’t take a risk, you don’t drink champagne,’” he quipped to the WSJ, underscoring his belief in the project’s success despite market saturation. His strategic acquisition of the penthouse is not just a personal investment but also a testament to his unwavering faith in the project’s long-term value.