NEW YORK, OCTOBER 1 2019 – Aman and OKO Group announce a $750M construction loan from Cain International to finance the development of Aman New York which will occupy the Crown Building situated in the heart of Manhattan on the corner of 5th Avenue and 57th Street. Cain International is providing $450M in mezzanine financing and worked to arrange a senior tranche of $300M, which will be provided by Bank OZK. The total cost of the project is $1.25BN.
This construction loan will finance the conversion of the building to the first urban mixed-use development created by Aman, anticipated to open Q4 2020. The 95,000 square foot residential portion will include 22 exclusive residences and sit above the 117,000 square foot hotel with 83 guest rooms and suites showcasing Aman’s intuitive service.
Hotel amenities will include 3 restaurants; Japanese, Italian and a Wine Library. The hotel will have more than 7,000 square feet of outdoor dining space with its Garden Terrace, as well as a Jazz Club, Spa, and lifestyle management and concierge services by Aman.
A first for the brand, the development will also encompass an exclusive Aman members club with three tiers; Spa Membership, giving access to a limited number to the 25,000 square foot spa, with its pool flanked by fire pits and day beds, a comprehensive wellness centre, and spa houses each with a private garden terrace; Jazz Membership enabling those to be part of a convivial club and its curated schedule of live entertainment in what promises to be the new hub for socializing; and the jewel in the crown in the heart of Manhattan will be the top-tier Aman Club which will be available to a select few and will not only encompass two-floors of dedicated space including two private bars and a cigar terrace, but will grant access to the Spa and Jazz club too.
The project has already garnered significant interest, reflected in the strong pre-sales of multiple residences in what will be one of New York’s most exclusive addresses. Vladislav Doronin, Chairman and CEO of Aman and OKO Group said, “We look forward to bringing Aman to New York, with its unrivalled address in an iconic building with strong architectural identity, impeccable service and exceptional amenities – it will be a game changer for the city. The residences at Aman New York will present a rare opportunity to own a fully serviced home with the utmost privacy in one of the world’s first urban Aman Residences.”
“This transaction marks another significant development for Cain International as we expand our reach in the U.S. market,” said Cain International CEO Jonathan Goldstein. “The loan will help Aman transform an iconic building in New York City, and we are delighted to bring our expertise to this prominent project which will deliver a new standard of luxury, services, and amenities to the modern consumer.”
This loan furthers an existing relationship between Cain International and OKO Group, which includes equity shares in three Miami properties, Missoni Baia, Una Residences and 830 Brickell, Miami’s first new office skyscraper in over a decade.