OKO Group just closed a $754 million loan for Aman New York, its luxury hotel and condominium project housed within the iconic Crown Building, Commercial Observer has learned.
JPMorgan Chase provided the three-year financing, which acts as a bridge loan plus condo inventory loan. Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz and Adam Schwartz negotiated the debt.
The deal closed today.
“We’re excited to have worked with the OKO and Aman teams on this world class asset,” Kurland told CO. “Their unparalleled vision to deliver a seven-star hotel and residences has truly come to fruition.”
Kurland said the credit community immediately recognized a unique opportunity to lend on the transformation of an iconic part of New York City’s skyline, leading to “a highly competitive” bidding process — although ultimately it was JPMorgan Chase who took the “Crown”.
Sitting at 730 Fifth Avenue —at the crossroads of Fifth Avenue and West 57th Street, with views over Central Park— Aman New York occupies the top 20 floors of the Crown Building. The 95,000 square foot residential portion includes 22 exclusive residences which sit atop a 117,000-square-foot hotel with 83 guest rooms and suites. Each suite features a working fireplace and Japanese minimalism-inspired interiors.
The highly anticipated hotel will open on August 2, with reservations opening on July 25. The condominium units are almost completely sold out, and they cost a pretty penny. In late May, the Wall Street Journal reported that a full-floor apartment on the 22nd floor had sold for a whopping $55 million —one of the priciest residential sales to close in New York city so far this year.
The property includes a 25,000-square-foot spa that spans three stories, and features an indoor pool as well as a rooftop pool. Residence owners have their own private entrance on 56th Street.
The Real Deal first reported that JPMorgan was lined up to provide the financing in April, although a higher loan amount was reported at the time. JPMorgan’s financing takes out the construction loan provided by Bank OZK and Cain International in 2019.
The first home of the Museum of Modern Art, the 26-story building was erected in 1921 and originally known as the Heckscher Building. It was re-named the Crown Building in 1983 for its crown-like appearance when illuminated after dark.
Wharton Properties and General Growth Properties — since acquired by Brookfield — purchased the trophy asset in 2015 for $1.8 billion. The deal was one of the largest in New York City real estate history at the time. Shortly after the purchase, the 400,000-square-foot building was split into the retail condominium and a non-retail portion on the upper floors, the latter of which was flipped to OKO Group — led by Russian billionaire developer and Aman Resorts chairman Vladislav Doronin — and Michael Shvo’s SHVO for roughly $475 million. (The same W&D team represented Wharton and Brookfield in the $807 million refinancing of the retail portion back in 2019.)
With OKO now solely leading the Aman Hotel & Residences project, the century-old Crown Building has had a significant makeover, and is ready for its big reveal.
JPMorgan officials declined to comment. A spokesperson for OKO and Aman did not immediately respond to a request for comment.
Cathy Cunningham can be reached at firstname.lastname@example.org