Russian-born billionaire Vladislav Doronin buys Aman NY Penthouse in Crown Building for $135 million

Edited by: TJVNews.com

In 2019, Russian-born billionaire Vladislav Doronin announced to The Wall Street Journal that he had closed a deal to sell the Aman New York penthouse in the Crown Building to an Asian buyer for a staggering $180 million. Five years later, the sale of this luxury penthouse has finally closed, but for a significantly reduced price of $135 million, as reported in the WSJ on July 11^eContrary to what was initially announced, the buyer is not an Asian investor, but Doronin himself, sources familiar with the transaction said.

The Aman New York penthouse is an epitome of luxury, occupying the top five floors of the historic Crown Building, known for its copper pinnacle. According to the information in the WSJ report, the penthouse offers approximately 13,236 square feet of interior space, complemented by an additional 4,462 square feet of outdoor space, with seven bedrooms according to the listing plan. The penthouse is delivered in an unfinished state, providing a blank canvas for custom design and customization.

The Crown Building, an architectural marvel from the 1920s, underwent a significant transformation under the leadership of OKO Group, the American development company founded by Doronin, as explained in the WSJ report. The building now houses 22 apartments on the upper floors, along with the Aman New York hotel. Sales of these exclusive residences began in 2018, with the renovation scheduled for completion in 2022. The building quickly attracted affluent buyers, culminating in a sell-out status.

The Aman New York residences have fetched impressive prices since the renovation was completed. In February, a 24th-floor residence sold for $61.58 million, while a 20th-floor unit fetched $75.8 million in 2022, the WSJ report found. The transactions highlight 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 around the world. In addition to his penthouse in the Crown Building, Doronin owns a home in the complex formerly known as the 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 assets is one of the few private residences designed by the late architect Zaha Hadid.

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

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

In 2019, Doronin admitted that he himself had his eye on a Crown Building condo. He expressed interest in the $83.5 million listing, noting that it would offer better amenities than his Time Warner Center condo. “I have an apartment, but I miss a fireplace and a terrace,” he told the WSJ, indicating that he wanted more luxury and comfort.

While it’s not uncommon for developers to purchase units in their own projects, Doronin’s purchase is particularly notable for its ostentatious nature. There was initially a deal to sell the penthouse to an Asian buyer, but that ultimately fell through. The previously reported offer was for a fully built unit, while Doronin’s purchase represents an unfinished “raw” unit, accounting for the $45 million price difference, the WSJ reported. This strategic decision highlights the potential for customization and personalization that comes with purchasing an unfinished property.

Also in 2019, Doronin acknowledged the challenges of delivering ultra-luxury apartments in a reportedly oversaturated market, particularly along the Billionaires’ Row corridor where the Crown Building is located. The WSJ report noted that despite these challenges, Doronin remained optimistic about the unique appeal of the Aman New York project, believing its distinctive character 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 risks, you don’t drink champagne,’” he joked to the WSJ, underscoring his belief in the project’s success despite the market’s saturation. His strategic purchase of the penthouse is not only a personal investment, but also a testament to his unwavering faith in the project’s long-term value.