Aman New York Penthouse Sells for $45 Million Below Asking Price, Signaling Developer's Challenges

New York, NY – The property empire of a prominent New York developer is facing scrutiny following a significant financial adjustment involving a high-profile luxury hotel and condo project. Vladislav Doronin, the billionaire behind Aman Resorts and OKO Group, recently acquired the penthouse at the Aman New York for $135 million, a substantial $45 million less than its original $180 million asking price five years ago. This development raises questions about the stability of his extensive real estate holdings, as highlighted by The Wall Street Journal.

The Aman New York, situated within the historic Crown Building on Fifth Avenue, opened its doors in August 2022, quickly establishing itself as a pinnacle of ultra-luxury. The property features 83 hotel rooms and 22 exclusive residences, boasting amenities such as a lavish spa and a private members' club with a reported $200,000 initiation fee. Nightly rates for base-level suites begin at $3,200, underscoring its elite market positioning.

The recent penthouse transaction, reported by The Wall Street Journal, marks a notable shift from earlier expectations. The five-story, 13,236-square-foot unit, which includes over 4,400 square feet of outdoor space, had been under contract with an Asian buyer for $180 million since 2019. The failure to close that deal and Doronin's subsequent purchase at a reduced price point to potential challenges in realizing initial valuations within the ultra-luxury market.

Doronin, a Russian-born Swedish citizen, has built a formidable reputation in high-end real estate development, initially with Moscow-based Capital Group before expanding globally with OKO Group. His acquisition of the exclusive Aman Resorts brand in 2014 further solidified his standing in the luxury hospitality sector. Despite his track record, the current situation with the Aman New York penthouse suggests a recalibration of market realities for even the most opulent properties.

The Wall Street Journal stated in a recent tweet, > "A New York developer’s property empire is at risk of crumbling after his multibillion-dollar buying spree, with his ownership of a high-profile luxury hotel and condo project at stake." This assessment reflects broader concerns within the luxury real estate sector, where high prices and market fluctuations can impact even well-established developers and their most ambitious projects. The long-term implications for Doronin's portfolio and the wider luxury market remain a key focus for industry observers.