Real Estate

$135M Aman Penthouse Tops Manhattan Sales, Surpasses $115M Central Park Deal

Aman penthouse in Crown Building sells for $135M, highest Manhattan sale this year at over $10,000 per square foot.

By Doug Elli

7/10, 10:24 EDT
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Key Takeaway

  • OKO Group sold a $135 million Aman Manhattan penthouse, the highest sale in NYC this year, at over $10,000 per square foot.
  • This sale surpasses Extell Development’s Central Park Tower penthouse sold for $115 million last month.
  • The deal indicates potential momentum in the luxury real estate market despite a slowdown over the past two years.

Record-Breaking Penthouse Sale

In a landmark transaction, OKO Group has sold a penthouse in Manhattan's Crown Building for a staggering $135 million, making it the highest-selling penthouse of the year. This five-story, 12,500-square-foot apartment on Fifth Avenue fetched more than $10,000 per square foot, a testament to the enduring allure of Manhattan's luxury real estate market. The sale, managed by OKO Group’s in-house brokerage team, surpasses the previous high of $115 million for a Central Park Tower penthouse sold last month. This transaction signals a potential resurgence in the high-end real estate market, which has seen a slowdown over the past two years.

The Details of the Aman Penthouse

The Aman Manhattan penthouse, located in the iconic Crown Building, is a sprawling 12,500 square feet of unfinished space. The $135 million deal translates to over $10,000 per square foot, underscoring the premium value of this prime real estate. The Crown Building, a former office space, has been transformed into a luxury hotel and residential complex featuring 22 condos, 80 hotel rooms, a spa, fitness center, and restaurants. The development was spearheaded by Aman’s CEO Vlad Doronin, who founded the firm responsible for the building's conversion. This sale not only highlights the penthouse's unique appeal but also the strategic vision behind the Crown Building's redevelopment.

Manhattan's Luxury Market Dynamics

Despite a general slowdown in the luxury real estate market over the past two years, recent transactions indicate a potential rebound. The sale of the Aman penthouse follows closely on the heels of a $115 million Central Park Tower penthouse deal, marking the first NYC sale over $100 million since 2022. According to Olshan Realty, Manhattan's luxury market performed robustly around the July 4th period, with 22 properties, including 13 condos and one townhouse, going into contract. This activity suggests resilience in the face of high interest rates and seasonal slowdowns, with penthouses particularly standing out in recent transactions.

Broader Implications for Luxury Real Estate

The record-breaking sale of the Aman penthouse is emblematic of broader trends in Manhattan's luxury real estate market. Despite higher interest rates and a dip in overall luxury sales, Manhattan has maintained a strong market share in new development sales, accounting for over 60 percent for the first time since 2018. This resilience is highlighted by steady demand for high-end properties, even as supply declines. The sale also underscores the strategic importance of prime locations and the value of unique, high-quality developments in attracting affluent buyers.

Management Quotes

  • Vlad Doronin, CEO of Aman:

    "The space is a former office building serving as a luxury hotel and residences with 22 condos, 80 hotel rooms, a spa, fitness center and restaurants."