Crown Building Sale Might Lead to Parceling

NEW YORK CITY—The Crown Building, a cornerstone of Fifth Ave. that sits just two blocks from Central Park, might be sold in pieces to multiple buyers—including a New York condo developer and a Russian billionaire.

The New York Post reports that developer Michael Shvo is working with billionaire Vladislav Doronin of Amanresorts in an attempt to buy most of the iconic gold-roofed property that overlooks Central Park. The price for the 290,000 square feet on the 4th through 24th floors is said to be about $500 million, or $1,724 per square foot. The Post says there is a good chance that Shvo’s deal for most of the building at the southwest corner of Fifth Ave. and 57th Street would close simultaneously with the building’s $1.775 billion sale which has been forecast by the business media. The 25-floor neo-classical office building was constructed in 1921 by Warren & Wetmore and last changed hands in 1991 for $95 million.