Michael Shvo and the High Line

Michael Shvo, one of the highest-flying Manhattan brokers during the real estate boom who then disappeared from the market, is making a comeback as a developer, the Wall Street Journal reported.

Shvo, with developer Victor Homes, beat out competitors to acquire 239 Tenth Avenue, a gas station site at Tenth Avenue and West 24th Street overlooking the High Line.The property was listed for $18.95 million, but the partnership ended up paying $23.5 million – or a record-setting $800 per buildable square foot – Victor’s Ran Korolik told the Journal. The partnership is also in talks to secure additional air rights, he added. [more]

A water tower in Chelsea (Credit: Night Heron Speakeasy)

RWN Real Estate Partners paying $3.8 million for 328 Bowery condo. Speakeasy in Chelsea water tower is far from underground. Seagate Beach Club in Coney Island to open in summer. High Line painting elevates dining experience at Colicchio & Sons in Chelsea “Improvements” to Penn Station would be hardly that: OPINION. Read these stories and more after the jump.

The High Line

As new developments rise along the High Line in West Chelsea, families are flocking to them, the New York Times reported.

A lack of family-sized apartments Downtown has sent prices for luxury condominiums surging past those of Uptown and Midtown. One of the most sought-after neighborhoods is West Chelsea, as the High Line’s elevated parkland continues to drive development. [more]

The High Line

From the March issue: High Line history: In 1999, the Friends of the High Line began lobbying to redevelop 1.45 miles of elevated rail line on Manhattan’s West Side. Twelve years and some $152 million later, the first two sections of the High Line opened. The $90 million, third section is slated to open in 2014. (See more after the jump)

Hudson Yards rendering

The northernmost stretch of the High Line will frame and be defined by the Hudson Yards megaproject, and park officials and the development’s major players, such as Related Companies, are touting the benefits of each other’s projects to their own, Crain’s reported.

Related is currently focused on the the eastern portion of the development, and has secured Coach as an anchor tenant for its 1.7 million-square-foot building known as South Tower. Coach sees the tower’s proximity to the High Line as a major draw, company executives told Crain’s. [more]

Joshua David, Robert Hammond and the High Line

Robert Hammond, the executive director of the non-profit Friends of the High Line, will step down, the New York Times reported. Hammond led the effort both to preserve and transform the stretch of abandoned elevated rail line on Manhattan’s West Side, after co-founding the organization with Joshua David in 1999. [more]

From left: John de Neufville and the interior of 81 Horatio Street

A High Line-adjacent townhome belonging to a financial services executive has sold for $17.6 million to William Randolph Hearst’s grandson, a television producer, the Wall Street Journal reported. The five-story pad, at 81 Horatio Street, belonged to John de Neufville, managing director of G2 Investment Group, an investment management advisory. The 7,174-square-foot home — which dates to the 1870s — has six bedrooms, five bathrooms, a roof deck with hot tub, a gym, a wine-tasting room and six wood-burning fireplaces. [more]

100 Park Avenue
Advertising giant WPP renews at 100 Park Avenue. Barry Bonds lists Beverly Hills pad for $25M. It’s a good time to be a REIT. Wall Street tycoon replaces developer as Chairman of Friends of Hudson River Park. Fannie, Freddie give their blessing to new home loan insurer.… [more]

550 Washington Street

City investor and philanthropist Eugene Grant has agreed to sell his controlling 50.1 percent stake in the Meatpacking District’s massive former freight facility, known as St. John’s Center, to an investor group that owns the other 49.9 percent, in a deal that was rushed forward due to concerns over the fiscal cliff, the New York Post reported. The deal with Fortress Investment Group, Atlas Capital Group and Westbrook Partners is worth approximately $250 million. [more]

Related’s Stephen Ross and 507 West 27th Street

Related Companies has bought a scrapyard along the High Line for $65 million, city records filed today show. The property is comprised of two lots located at 507 West 27th Street and 514 West 28th Street between Tenth and Eleventh avenues. At 17,275 square feet and 14,800 square feet, respectively, the two lots have a combined maximum floor-to-area ratio of 241,204 square feet, making them a ripe prospect for residential or commercial development…. [more]