In an unexpected turn of events, Russian-born billionaire Vladislav Doronin has purchased the crown jewel of his own development, the penthouse at Aman New York, for $135 million. This revelation comes five years after Doronin initially claimed an Asian buyer would acquire the property for $180 million.

The luxurious penthouse, occupying the top five floors of the historic Crown Building, boasts approximately 13,236 square feet of interior space and an additional 4,462 square feet of outdoor areas. Featuring seven bedrooms, the unit was sold in unfinished condition, allowing for customization by its new owner.

Doronin’s OKO Group spearheaded the conversion of the 1920s Crown Building, transforming its upper floors into 22 exclusive condominium units. The project, which began sales in 2018 and completed in 2022, has now sold out entirely. Notable transactions include a 24th-floor residence closing for $61.58 million in February and a 20th-floor unit selling for $75.8 million in 2022.

At 61, Doronin already possesses an impressive real estate portfolio, including homes in Miami Beach, London, Ibiza, and a Zaha Hadid-designed residence near Moscow. In 2019, he expressed interest in acquiring a unit at Aman New York, citing a desire for amenities like a fireplace and terrace that his Time Warner Center apartment lacked.

While it’s not uncommon for developers to invest in their own projects, Doronin’s acquisition stands out for its scale and price tag. Sources familiar with the deal indicate that an earlier agreement with an Asian buyer for a fully built-out unit fell through, explaining the difference between the initial $180 million figure and the final $135 million sale price for the raw space.

Doronin acknowledged in 2019 that he was entering a saturated market for ultra-luxury condos, particularly along Manhattan’s Billionaires’ Row. However, he remained confident in the project’s unique appeal, stating his hope that it would “fly above the clouds” in New York’s competitive real estate landscape.

The developer’s bold move reflects his belief in the project’s value, echoing his 2019 statement: “If you don’t take a risk, you don’t drink champagne.”

As of now, neither Doronin nor Aman representatives have responded to requests for comment on this significant transaction.

Source: WSJ

Photo via Aman New York