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Michael Shvo and Partner Buy 20 floors of NYC’s Crown Building

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The Crown Building at 57th Street and 7th Avenue will possibly be the new home of luxury residential condominiums and hotel stuites.
Michael Shvo (pictured above) and hotel developer Vladislav Doronin of Amanresorts have purchased 20 floors of the Crown building in New York City

Seems like the stately Crown Building on New York’s posh 5th Avenue near Central Park is about to get a makeover of sorts. According to a report in the New York Post, up and coming condominium developer Michael Shvo along with hotel developer Vladislav Doronin of Amanresorts are attempting to purchase the lion’s share of the building located at 5th Ave and 57th Street.

The Post reported that, “the pricing for the 290,000 square feet on the 4th through 24th floors is about $500 million, or $1,724 per square foot.”

The Crown Building had been owned by both the Winter and Spitzer families and just this past fall, they had agreed to sell the entire building for close to $1.8 billion to real estate mogul Jeff Sutton and  Sandeep Mathrani’s General Growth Properties.

The building’s closing which is expected to take place shortly will most likely occur concurrently with Shvo’s deal.

The Post reported that the building’s sale was orchestrated by Douglas Harmon and Adam Spies of Eastdil Secured.

The tony retail space in the building now boasts such haute brands as Piaget, Bulgari and Mikimoto and the buyers are reportedly seeking to amplify the presence of similar stores.  With the addition of the third floor, the capacity for adequate retail space can grow to 110,000 square feet.

Last fall, speculation abounded on what the non-retail space in the Crown Building would be used for but with Shvo’s increasing interest in it, a distinct clarity has emerged.

For Doronin’s part, it has been reported that he is caught in some legal wrangling over control of Amanresorts International which is “a collection of 26 luxe properties across the globe,” according to the Post report.

The hotel development company is based in Singapore and has offices in London. The report indicated that Amanresorts has spent the last decade looking for a city location and was “in discussions for a portion of the Macklowe/CIM toothpick tower at 432 Park Ave. that does not include a hotel.”

It is likely that the building could emerge as a hybrid of sorts; possibly hosting Amanresort’s high end hotel suites along with a bevy of luxury condominiums provided by Shvo’s company that would top the tower. Apartment dwellers would be treated to views of Central Park over the Bergdorf Goodman department store.

Shvo’s 18th floor office is located directly across the other side of 5th Avenue.

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