From the July issue: No one personified the excesses of mid-2000s New York City quite like
Michael Shvo. The slick-haired Israeli émigré burst onto the real
estate scene in 1998, an audacious 20-something who quickly climbed the
ranks of Manhattan’s biggest sales firms before starting his own,
self-titled new development marketing company. Famous for his bad-boy
antics, celebrity-studded parties and inspired collaborations with the
likes of Philippe Starck, Giorgio Armani and Jade Jagger, Shvo became
synonymous with the over-the-top condo amenities — and prices — of the
era.
Much like the New York City condo market, Shvo’s rise has been followed
by an equally spectacular fall. The credit crisis has turned once
sought-after new condos into the black sheep of the real estate
industry, and the few buyers who are still looking at new construction
seem to care only about getting a good deal. Celebrity connections and
glamorous “lifestyle” amenities are now, as it were, out of vogue.
