Work is continuing to progress on the Aman New York, a residential and hotel conversion of the 100-year-old Crown Building at 730 Fifth Avenue in Midtown. Originally designed by Warren and Wetmore, the 26-story structure once served as the first home of the Museum of Modern Art in the early 20th century. Now the building, which is located at the intersection of Fifth Avenue and West 57th Street, is getting a new life as a hotel and condominium property designed by Jean-Michel Gathy and developed by OKO Group.
730 Fifth Avenue
Work is progressing on the addition and partial residential conversion of the 99-year old Crown Building at 730 Fifth Avenue. Originally designed by Warren and Wetmore, the 26-story structure has a rich history that includes serving as the original home of the Museum of Modern Art. The current transformation into Aman New York, a mixed-use hotel and residential property, is designed by Jean-Michel Gathy and is being developed by OKO Group. Renderings released last fall reveal the interiors of the building, which will house the Aman hotel from floors four through 24. The 22 condominiums are planned to span 95,000 square feet, for an average of more than 4,300 square feet apiece. Douglas Elliman Development Marketing is handling sales of the 22 condominiums.
OKO Group has released renderings of its partial conversion of the Crown Building at the corner of Fifth Avenue and 57th Street, which is well underway with lofted scaffolding and a hoist structure fully operational above street level. As announced earlier this year, the property will debut as Aman New York, featuring residences and a hotel spanning the building’s fourth through 24th floors.
Last year, Michael Shvo and Russian billionaire Vladislav Doronin agreed to pay $500 million for 20 floors of the Crown Building at 730 Fifth Avenue, on the corner of 57th Street. Now Shvo has filed plans to convert most of the 26-story office building into condominiums and a hotel.
In early 2015, Wharton Properties and General Growth Properties (GGP) acquired, for $1.75 billion, the Crown Building – a 25-story, 385,600-square-foot multi-use commercial building – at 730 Fifth Avenue, located on the corner of West 57th Street in Midtown. Now, it’s been disclosed that developer Michael Shvo and Russian investor Vladislav Doronin are planning to acquire a large portion of the building for a mixed-use conversion project, the New York Post reported. The duo want to convert the upper floors of the current office building into an Aman hotel and 23 ultra-luxury condominium units. Wharton and GGP recently bought out the last remaining office tenant. The current owners plan to lease the remainder of the property that isn’t sold to Doronin and Shvo as retail. The retail space is currently being newly renovated and is expected to take up at least the first four above grade levels. Late last year, it was reported that Bulgari signed a 15-year lease on the ground floor.