Crown Building
Update
07/13/22
OKO Group Receives $754M Loan for Aman New York
Walker & Dunlop, Inc. announced today that it structured $754,000,000 in financing for Aman New York, one of New York's most anticipated luxury hotel and residence developments. Occupying the top 20 floors of the iconic 100-year-old Crown Building on 57th Street and Fifth Avenue, the Aman New York was developed by the OKO Group, an international real estate development firm passionate about merging world-class property development with world-class architecture and design.
Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz led Walker & Dunlop's team in structuring the debt financing provided by JPMorgan Chase. This three-year financing consisted of a bridge loan and a condo inventory loan. Financing this property was highly competitive, with many capital sources bidding to finance this unique development.
"We're excited to have worked with the OKO and Aman teams on this world-class asset," says Keith Kurland. "Their unparalleled vision to deliver a seven-star hotel and residences has truly come to fruition."
The 95,000 square-foot residential section of the development includes 22 exclusive residences, while the 117,000 square-foot hotel portion contains 83 guest rooms and suites. These rooms are among New York's largest, and this hotel is the only hotel in New York to offer a working fireplace in each room. This development is Aman's first US urban residence project and provides unique features for owners, including a private entrance, access to three dining venues, the Jazz Club, the Wine Room, and the renowned 25,000 square feet Aman Spa. The residences are almost entirely sold out, with one of the condos selling for $55 million, in one of New York's priciest residential transactions so far this year.
Originally built in 1921, the Crown Building was the first home of the Museum of Modern Art. It was renamed in 1983 for its iconic crown-like appearance when illuminated. The hotel portion of the property will open on August 2nd, with reservations opening on July 25th.
Walker & Dunlop is the ninth CRE lender overall in 2021 with $68B in total transaction volume last year. With one of the strongest networks in the industry, the firm's 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and financing options, visit our website.
