The Real Deal New York

Michael Shvo closes on $130M development site in Soho

Deal could allow for a residential tower of up to 280,000 square feet

January 09, 2014 08:32AM

Michael Shvo

Michael Shvo

UPDATED, 12:30 p.m., Jan. 10: High-flying broker-turned-developer Michael Shvo has closed on his next big deal – the $130 million acquisition of a Soho development site that could become a new residential tower of up to 280,000 square feet.

Shvo teamed up with Erez Itzhaki and equity partners Halpern Real Estate Ventures, Bizzi & Partners and Aronov Development to buy the 20,000-square-foot assemblage site at 100 Varick Street, located on the western end of the blockfront bounded by Watt, Broome and Varick streets.

The eight-parcel site includes five lots from Shalimar Management, which is run by Charles Fridman, and three townhouses on Watt Street, the New York Post reported. It overlooks the Holland Tunnel entrance plaza just north of Canal Street, and some residents of any planned tower would have Hudson River and Empire State Building views.

Amir Aframian and Yona Edelkopf of Itzhaki Properties brokered the deal for the 60, 62 and 64 Watt Street townhouses, Aframian told The Real Deal, and added that several developers including DDG Partners had expressed interest in the properties.

Shvo, who couldn’t be reached for comment by the Post, can build a 290-foot-tall tower as-of-right, according to the newspaper.

In May, Shvo partnered with Victor Homes to purchase a West Chelsea parcel where he intends to build luxury condos, a move which many industry sources said would be a make-or-break second chance for Shvo. [NYP] – Hiten Samtani

Correction: An earlier version of this article incorrectly identified Shvo’s partner on the project, due to an error in the source article. Erez Itzhaki will work with Shvo, his representative said.

8 Responses to “Michael Shvo closes on $130M development site in Soho”

  1. January 10, 2014 at 1:08 pm, Yahuda said:

    erez ithzaki cheated on his wife i have proof.

  2. January 10, 2014 at 1:10 pm, Xman said:

    He has been cheating on his wife for 10 years, scum of the world. Total theif

  3. January 10, 2014 at 1:12 pm, Patrick said:

    He is being investigated by DOS. He will be in jail soon

  4. January 10, 2014 at 1:17 pm, Daniel Martin said:

    Just for the record I did not say anything wrong about Erez I love him like a dad and the only one I am dangerous to is myself but now that I have decided to get help I will be Ok. Just one day at a time!

  5. January 10, 2014 at 1:22 pm, erez said:

    Yes, Daniel, you were like a son to me but it was one thing to catch a habit but when you started that crazy stuff and had to be rushed to the emergency room with that gerbil stuck in your Intestinal track I had enough!

  6. January 11, 2014 at 1:43 am, AMD said:

    This is so sad that Erez Itzhaki airs his dirty laundry here. Amir is a Class A broker, Daniel Martin poured his heart and soul out for Erez, Yona is riding on Amir’s coat tails. He only could broker cheap deals in Brooklyn and is trying to run a company with a salesperson’s license which is not allowed by the Dept. Of State. The company has 2 other class acts Edan and Ofer Cohen. I wish Daniel the best and I hope that someone takes advantage of his talent and potential so that the “Low Baller” Erez sees what he lost.

  7. January 11, 2014 at 2:02 am, AMD said:

    Forgot Shay “The Franchise” awesome too. Learned a lot from him.

  8. January 11, 2014 at 8:15 am, XMan said:

    Erez you are the lowest of the low, not but trash, real trash

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