Vlad Doronin’s luxury condo conversion at the Crown Building snagged yet another deal over $50 million.
Unit 23A at 730 Fifth Avenue sold last week for nearly $6 million less than its last asking price, according to public records. An unknown trust paid more than $8,000 per square foot for the full-floor condo, which has four bedrooms and five bathrooms.
The 6,300-square-foot apartment — which also includes a library, home theater and 11-foot ceilings — originally asked $66 million when sales launched in January 2020.
At the time the unit went into contract last month, the building, known as the Aman New York Residences, had closed sales for 17 of its 22 units for an average of $7,700 per square foot.
All of the apartments have either closed or are in contract, according to a spokesperson for the developer, OKO Group. The spokesperson declined to comment on the identity of the buyer but added that the purchaser has previously bought Aman residences at other properties.
Aman New York’s in-house team, which includes Eyal Dagan and Amie Buchanan, heads sales at the hotel and condo project. The team also brought the buyer to the deal.
The condo is just the latest in a series of pricey sales at the building, which was completed in 2022. Last month, a Hong Kong-based private equity executive bought a 24th-floor unit for $62 million. The most expensive deal so far closed in July 2022, when an LLC linked to a Swiss money manager paid $76 million for a full-floor unit.
The top-dollar deals align with some brokers’ predictions that hotel-branded residences will continue to rise in popularity, especially for international buyers looking for a foothold in the city.
“Hotel-branded residences, in my opinion, for the luxury buyer, is their Ozempic,” Sotheby’s International’s Nikki Field said at The Real Deal’s New York City Showcase + Forum last year. “It’s a fast means to their goal without any hard work.”
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Doronin originally teamed up with Michael Shvo to purchase the office portion of the Crown Building for $475 million in 2015. Shvo left the project two years later, though he maintains a small stake.
Doronin secured $754 million from JP Morgan to refinance the project in 2022.
The Aman’s amenities include a three-story spa, fitness center, two restaurants and a 67-foot indoor swimming pool.