Vladis Lafdronin’s OKO Group has refinanced $ 754 million from JP Morgan for a luxury condominium and hotel project in the Crown Building.
The project, which occupies the top 20 floors of a 24-story building on 730 Fifth Avenue, is expected to be completed this summer. The closure of the condominium part has already begun.
The real deal will be held by the OKO group in April. Refinancing $ 820 million About the project from JP Morgan. According to sources, the low amount may be due to the subsequent closure of the condominium. Dronin has partnered with developer Michael Shubo, $ 475 million In 2015.
Walker & Dunlop’s Keith Kurland and Aaron Appel have arranged funding.
The OKO Group has converted the upper part of the building from office space to 22 luxury condominiums and 83 rooms under the Aman Resorts brand of Dronin, with facilities such as an outdoor dining terrace, a three-story spa and a jazz club. ..
One of the condominiums, the five-story penthouse, signed a deal for $ 180 million in 2018. This is one of the most expensive homes ever sold in the city.Dronin told The Wall Street Journal in 2019 that he had a contract with two additional units combined. $ 145 million..
The OKO Group previously secured $ 750 million in funding for the conversion project in 2019. This includes a $ 300 million senior loan from Bank OZK and a $ 450 million mezzanine debt from Cain International.
Wharton Property Jeff Sutton and General Growth Property acquired the landmark 390,000 square foot building from Eliot Spitzer for $ 1.8 billion in 2015. The partner held four retail floors in the base, but soon sold the top to Dronin and Shubo. ..
In 2019, Sutton’s Wharton Property sold for $ 779 million to Brookfield Property Partners, which acquired General Growth Property the previous year, with the exception of a small portion of the 50% stake in the retail portion of the building.
The building was built by August Heckshire in 1921 and was designed by architects Warren and Wetmore, who also worked at Grand Central Terminal. It was the original home of the Museum of Modern Art, which started in 1929.
Outside of New York, Dronin also plans luxury developed by the Aman brand and OKO.
Blavatnik and Miami Beach condo and hotel projects. And on Thursday, the developers behind One Beverly Hills, a luxury housing project next to the Beverly Hilton in Los Angeles, said: publication Aman will brand and operate a 10-storey hotel, private club, restaurant and condominium complex.