The gilded Crown Building overlooking Central Park may be the next in line for a (partial) super high-end condo conversion. The Post reports that developer Michael Shvo partnered with Russian billionaire Vladislav Doronin of the luxury Amanresorts to buy the bulk of the landmark tower at 730 Fifth Avenue. In December, developers Jeff Sutton and GGP made a deal to buy the whole building, but since they focus on retail, it was unclear what they would do with the rest of the tower. But with Shvo and Amanresorts now involved, it likely means that the building will be converted into hotel suites and possibly condos. However, no one would comment on the deal, which has not yet closed.
· Two Buyers Splitting Up Top of Crown Building [NYP]
· GGP & Sutton grab Crown Building for $1.75B+ [NYP]
· All Michael Shvo coverage [Curbed]