Aman, OKO Group secure financing for $1.25bn Aman New York development


Aman and OKO Group have secured $750m loan from Cain International to finance the construction of the $1.25bn Aman New York development in Manhattan, New York, US.

The project will occupy the Crown Building located on the corner of 5th Avenue and 57th Street in Manhattan.

In addition to providing $450m in mezzanine financing, Cain International has worked to arrange a senior tranche of $300m, which will be provided by Bank OZK.

Aman and OKO Group chairman and CEO Vladislav Doronin 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.”

The loan will be used for the conversion of the building to the urban mixed-use development, which is scheduled to open in the fourth quarter of 2020.

The 95,000ft² residential portion will feature 22 exclusive residences and sit above the 117,000ft² hotel with 83 guest rooms and suites.

Consisting of three restaurants, the hotel will comprise more than 7,000ft² of outdoor dining space with Garden Terrace, as well as a Jazz Club, Spa, and lifestyle management and concierge services by Aman.

Cain International CEO Jonathan Goldstein said: “This transaction marks another significant development for Cain International as we expand our reach in the U.S. market.

“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.”

Cain International said in a statement: “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.”

Image: The new project will occupy the Crown Building located in Manhattan on the corner of 5th Avenue and 57th Street in the US. Photo: courtesy of Jürgen Rübig from Pixabay.

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