Two Apartments in NYC’s Crown Building Sold for Combined $64.5 Million

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The building at 730 Fifth Avenue, is slated for completion by the end of 2021. The building’s apartments represent the first urban residences by the Aman brand, which is known for ultra-luxe hotels usually in remote international destinations. Photo Credit: Aman.com

By:  Benyamin Davidsons

Manhattan’s luxury residential real estate is flourishing, as evident by two contracts recently inked.

As reported by the Wall Street Journal, in the past few weeks two large contracts were signed at the ultra-luxury building, Aman New York, on Fifth Avenue.  The building, which is nearing completion, saw two condo contracts for the full asking prices of $34.5 million and $30 million.  The contracts are both for three-bedroom apartments, spanning over 3,700 square feet each.  One unit is on the 18th floor, and the other is on the 19th floor.  The apartment which closed for $34.5 million boasts a terrace larger than 1,000 square feet, complete with its own infinity-edge swimming pool as well as views of Central Park.  While the buyers’ identities have not been disclosed, as per a source for the WSJ, one of the buyers is domestic, and the other is international.  Both have frequently been guests at Aman properties.

The building at 730 Fifth Avenue, is slated for completion by the end of 2021.  The building’s apartments represent the first urban residences by the Aman brand, which is known for ultra-luxe hotels usually in remote international destinations.  The project is a gamble that the brand can also successfully sell high-end condos, pairing them with hotel amenities.  The building will boast 22 private residences on the upper floors, with all hotel amenities, and the Aman Club accessible for owners.  The residences are being developed by OKO Group.

The 26-story building on 57th street, will also consist of 83 hotel rooms designed by Jean-Michel Gathy, as well as restaurants, a Garden Terrace & Bar with 7000 square feet of outdoor dining space, a private members club, the three-story Aman Spa,  a Jazz Club and Wine Room,  as per the Amal website.  The iconic crown building, built in 1921, is well-known for its green copper pinnacle which lights up at night.  It was once the first home of Museum of Modern Art.

Sales in the New York building were launched in 2018, but were unimpressive amid the pandemic. These two deals, now bring the project to more than 50 percent sold, as per the WSJ source.  Other residences already in contract at the building include: two full-floor homes priced at over $70 million each; and the five-floor Crown Penthouse which went to contract for $180 million in 2018.