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Aman trades $62M condo to Hong Kong exec

Unit 24A latest eight-figure closing at Vlad Doronin’s luxury hotel condo conversion

Crown Building Trades $62M Condo to Hong Kong Exec
OKO's Vlad Doronin and private equity executive Terence Chan with 730 Fifth Avenue (OKO, HKBU, Getty)

Vlad Doronin snagged another international buyer for his luxury condo conversion at the Crown Building. 

Hong Kong-based private equity executive Terence Chan paid $62 million in an off-market deal for a 24th-floor unit at 730 Fifth Avenue, public records show. Chan is the chairman of Bay Area Capital Partners, which invests in real estate, property technology and clean energy companies, among others.

The Midtown condo traded for about $12 million less than the price in the developer’s revised offering plan. The Wall Street Journal reported the deal for the unit had closed, about six years after going into contract.

The full-floor unit spans 6,300 square feet and has four bedrooms, five bathrooms, a library and a home office. 

The developer’s in-house sales team handled the deal.

Unit 24A is one of 22 residences at OKO Group’s Aman New York, a hotel and condo project in Midtown. Doronin partnered with Michael Shvo to buy the office portion of the building in 2015 for $475 million with plans to convert the top 20 floors. 

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Since sales launched in 2020, the developer has notched a number of pricey deals. An LLC tied to a Swiss money manager paid $76 million for a full-floor unit in July 2022. A month later, another unknown buyer bought a 21st-floor unit for $53 million. 

The building’s five-story penthouse, initially asking $180 million, was rumored to be in contract in 2018, but it appears the condo unit sale has yet to close. 

Shvo left the project in 2017, though he still maintains a small stake. Doronin refinanced the project in June 2022 with $754 million from JPMorgan.

Amenities in the building include a spa spanning three floors, fitness center, two restaurants and hot and cold plunge pools, hydro massage pools and a 67-foot indoor swimming pool. 

Aman Resorts has other branded residential projects, including in Miami Beach, Bangkok and Tokyo. The group has another planned for Beverly Hills. 

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Correction: An earlier version of this story said Official’s Tal Alexander brought the buyer in the sale. The story has been updated to reflect Aman’s in-house sales team handled both sides of the deal.

Companies and People
Aman ResortsTal Alexander
Tags
Condominium marketLuxury Real EstateVlad Doronin