Michael Shvo is bringing a high-end hotel and 23 condos to the building
Last April, Michael Shvo partnered with Russian billionaire Vladislav Doronin of the luxury Amanresorts to buy the upper floors of the landmarked Crown Building near the southeast corner of Central Park. It was speculated at the time that the comeback kid developer and Doronin would be bringing an Aman hotel and condos to the building, and now the Post has confirmed that much. The sale has yet to close, but Shvo and Doronin plan on bringing 23 "ultraluxury" condos to the landmarked building's upper floors.
The news comes alongside word that Jeff Sutton and GGP, who purchased the tower for $1.775 billion in the beginning of 2015, have bought out the sublease of the building's remaining commercial tenant. This will allow the duo to continue transforming the building's base into high-end retail of the Bulgari and Ermenegildo Zegna variety—just what the city needs.
- Crown Building begins shift to luxe shopping destination [NYP]
- Will the Landmark Crown Building Get Shvo-tastic Condos? [Curbed]