Wall Street Journal: Manhattan Home at Aman New York in Contract for $55 Million

Vladislav Doronin’s Crown Building condominium is nearly sold out

Living Room, Aman New York Residences

[Wall Street Journal, E.B. Solomont] A full-floor apartment at Aman New York, a luxury condominium on Fifth Avenue in Manhattan, is in contract for its full asking price of $55 million, according to the developer.

The unit spans nearly 6,300 square feet with four bedrooms, said Vanessa Grout of Aman, a hospitality company that will operate a hotel on the building’s lower floors. In addition to that deal, Ms. Grout said another unit in the building, with roughly 4,700 square feet and four bedrooms, recently went into contract for its asking price of $29 million. She declined to identify the buyers in either deal, but said both were domestic purchasers looking for a New York City pied-à-terre.

Aman currently operates 33 hotels and resorts world-wide. The New York condominium has 22 units occupying the top floors of the Crown Building. It is being developed by OKO Group and Cain International; OKO is the U.S. development firm founded by Aman Chairman and CEO Vladislav Doronin. The latest deals bring the condo project close to being sold out, after sales launched in 2018. Four units remain, including a full-floor penthouse asking $59.4 million, said Ms. Grout.

Other residences already in contract include the Crown Penthouse, a five-floor, $180 million residence that went into contract in 2018. A pair of full-floor units priced at over $70 million each are also in contract, The Wall Street Journal has reported.

Ms. Grout said closings are slated to begin in the first quarter of 2022. The hotel is set to open in May.

Ms. Grout said she is seeing a surge of confidence in New York City’s luxury market. “All of a sudden, everything is moving extremely fast,” she said.

In November, Manhattan saw nine contracts signed on condos priced above $20 million, up 200% compared with November 2020, according to research and appraisal firm Miller Samuel. There were 22 contracts signed for condos between $10 million and $19.99 million, up from three in November 2020.

Read the full article on WSJ.com