New York Post

Two buyers splitting up top of Crown Building

By Lois Weiss, Apr 06, 2015

The Crown Building will soon end up in gilded pieces.

Luxury condominium developer Michael Shvo has now teamed with Russian billionaire Vladislav Doronin of Amanresorts in an attempt to buy most of the gold-crowned tower that overlooks Central Park.

The pricing for the 290,000 square feet on the 4th through 24th floors is about $500 million, or $1,724 per square foot.

It is likely that Shvo’s deal for most of the building at the southwest corner of Fifth Ave. and 57th Street would close simultaneously with the building’s $1.775 billion sale — which is expected shortly.

Last fall, as The Post first reported, the Winter and Spitzer families agreed to sell the entire building to a venture of Jeff Sutton and Sandeep Mathrani’s General Growth Properties.

The building was marketed by Douglas Harmon and Adam Spies of Eastdil Secured.

The buyers are both retail-oriented and interested in pumping up the building’s valuable store space that now includes Piaget, Bulgari and Mikimoto. The retail space can grow to 110,000 square feet with the addition of the third floor.

It was unclear last fall what the duo was going to do with the non-retail office piece of the building. Now we know.

Sutton, in fact, will now own the entire blockfront going south to 56th Street.

Doronin, the former flame of Naomi Campbell, has been battling in court for control of Amanresorts International, a collection of 26 luxe properties across the globe.

Based in Singapore with offices in London, Amanresorts has been seeking a city location for a decade and was even in discussions for a portion of the Macklowe/CIM toothpick tower at 432 Park Ave. that does not include a hotel.

But with Shvo involved, it is likely that even if Amanresorts installs its hotel suites, luxury condos would top the tower that overlooks Central Park over the landmarked seven-story Bergdorf Goodman. Shvo’s own 18th floor offices sit on the other side of Fifth Avenue and look directly at the Crown Building.

None of the parties returned calls for comment.

the crown building