Luxury Hotel Conversion Underway on Fifth Avenue
The lavish, 26-story Crown Building, at 730 Fifth Avenue in Midtown, is currently undergoing a major renovation. Developer, OKO Group is converting existing office floors (#4 through 24) into a hotel and residential space.
The iconic 1921 built tower will play host to Aman Resorts' latest hotel location, comprising 83 rooms across 117,000 square feet. Furthermore, that figure doesn't even include the 25,000 sqft spa or the dedicated terrace for outdoor rooftop dining. In addition to hospitality, Aman will offer 22 permanent condominium residences, spread across another 95,000 sqft. The renovation architect for the project is Jean-Michel Gathy.
While renovations are taking place throughout most of the building, the first three floors, which contain luxury boutiques, will not be touched. Located on Manhattan's prestigious Fifth Avenue, the building contains some of the most coveted (and expensive!) commercial retail space in America. As a matter of fact, The Crown Building sits directly across the street from Trump Tower, which serves to indicate just how prestigious the real estate in this area is.
Renovations will cost approximately $750 million from start to finish. General Contractors, Gilbane Building Company, and Ant Yapi have formed a joint venture, and are working together on the project. The conversion began in 2020, and is likely to complete within the next year or so.