Vlad Doronin’s Aman New York is Officially Sold Out

Unit 25A closed for $11,400 psf, the borough's highest in a decade.

The developer traded the final unit at his luxury hotel-condo conversion known as Aman New York for more than $11,400 per square foot, Mansion Global first reported. The $66 million sale is down from the $79 million asking price specified on the developer’s offering plan.

The developer told the outlet the deal for Unit 25A set a record for the highest price per square foot achieved in the borough. But the sale didn’t quite eclipse the record set by Zeckendorf Development’s 15 Central Park West, which traded a penthouse in 2012 for $13,049.

The four-bedroom apartment was one of 22 residences on the upper floors of the Crown Building. The unit spans 5,800 square feet and features a 500-square-foot terrace with views of Central Park.

Modlin Group founder and CEO Adam Modlin brought the buyer in the deal.

Sales at the historic tower launched in 2018, with a team from Doronin’s OKO Group at the helm. Since then, deals at the Billionaires’ Row development have made headlines, including when Doronin himself paid $135 million for the crown jewel penthouse.

Years earlier, Doronin told the Wall Street Journal that an Asian buyer had signed a contract for the unfinished apartment, but a spokesperson for his firm later said the deal fell through. Doronin’s purchase was the most expensive sale to close in New York City last year.

The building at 730 Fifth Avenue scored its first resale in July, when Unit 23A traded for $64 million, or $10,000 per square foot. The four-bedroom apartment initially sold for $51 million, or $8,000 per square foot.

In February, Hong Kong-based private equity executive Terence Chan bought a 24th-floor unit for $62 million, about six months after an entity tied to a Swedish money manager paid $76 million for a full-floor unit.

Doronin purchased the office portion of the building for $475 million in 2015 in a partnership with developer Michael Shvo, though Doronin dropped him from the project two years later. Shvo still has a small stake in the development.

Correction: An earlier version of this article cited the developer’s statement to Mansion Global to incorrectly indicate the recent sale was Manhattan’s most expensive on a price-per-square-foot basis.

By Sheridan Wall. Full article in link