Update: It’s official—the Crown Building is going hotel and luxury condos. According to YIMBY, developer Michael Shvo has filed plans for the office building’s conversion.
Amanhotels will open a 79-room outpost beginning on the fourth floor and traveling up to the building’s ninth story. Plans also reveal that SLCE will spearhead the conversion, giving way to 26 apartments on floors 11 through 26 and a five-story penthouse within the building’s apex.
New amenities will populate the tower and include a seventh floor pool and spa, a gym on the eighth floor, and a restaurant, lounge, and hotel offices on floors nine through ten, respectively.
In spite of a high-end residential market slowdown, hardy developer Michael Shvo and Amanhotels chief Vladislav Doronin are moving forward with plans to bring a lavish hotel and luxury residences to the Crown Building near the southeast corner of Central Park.
According to plans filed with the Attorney General’s office peeped by The Real Deal, the duo intend to convert floors four through 24 of the 57th Street building into an Aman Hotel and 26 apartments that will go by the name of Aman New York Residences.
Shvo and Doronin’s ambitions first surfaced in April 2015, shortly after the pair reportedly ponied up $500 million for the building’s upper floors to Jeff Sutton and GGP, who purchased the tower for $1.775 billion in the beginning of that year. The deal has yet to hit public record.
In June Shvo and Doronin announced their plans to develop “ultraluxury” condos at the site, not heeding the cooling market that’s left similar nearby properties like Baccarat Hotel & Residences and One 57 in sticky sales situations.
Michael Shvo, who was indicted on tax evasion charges stemming from his art collection in September, seems unphased by the luxury market slowdown. We don’t call him the comeback kid for nothing.
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