Corcoran gains Chelsea project from Shvo
August 06, 2008 03:01PM By Lauren Elkies
650 Sixth Avenue
The Corcoran Group has taken over the marketing and sales of a Chelsea conversion project from marketer Michael Shvo.
Corcoran's Julie Pham, vice president and associate broker, and Joseph Bongiovanni, a salesman, are now the co-sales directors at 650 Sixth Avenue.
The 67-unit, seven-story, landmark building at the corner of 20th Street is being developed by Penterium, the residential development arm of Korean firm Kumkang Housing Corp. This is the developer's first project in the United States.
On Shvo's watch, the building was 35 percent sold. After Shvo started marketing 650 Sixth Avenue in June 2007, he played up the apartments as blank canvases and partnered with the Jack Shainman Gallery. In a nod to the surround Chelsea art scene, Shvo and the gallery displayed art in the sales office and in a point-click-and-drag feature on the building's Web site.
Shvo also got the building placed on the Soap Net show "The Fashionista Diaries" last year.
When asked why Shvo is no longer marketing the project, the company e-mailed a statement: "Shvo played an integral role in shaping the concept of 650 Sixth Avenue and bringing it to life. After a successful collaboration, Shvo is focusing on its other projects as its local and international property portfolio rapidly expands in North America, Africa, Asia, the Middle East and abroad."
Hoon Lee, executive manager of Penterium, mentioned Corcoran's size as an advantage.
While some developers are shying away from new projects, Lee said "Kumkang Housing has the financial solvency to weather any real estate market cycle. As a result, the company is not discouraged by current market challenges."
Corcoran started selling units on Monday, but plans to officially re-launch the project in September, in a traditionally more active season for the real estate market. Bongiovanni said a launch party will be held in September on the building's 3,600-square-foot rooftop terrace.
The prewar conversion has studios through three-bedrooms, including three penthouse units with terraces. Units range in size from 750 square feet to 2,600 square feet, and prices range from $900,000 to $6 million. The apartments are ready for immediate occupancy.
The units have ceilings that are 10.5 feet and higher, oversized windows, a full-time doorman and porter, a live-in super and storage included with each purchase on each floor.
In addition to the gym in the building, the developer is offering buyers one year's worth of David Barton Gym yoga classes, held twice weekly on the rooftop of 650 Sixth Avenue. The package is valued at $1,500 to $1,600 a person per year, Bongiovanni said.
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Comments
Anonymous
karma-comes back to get you every time
Comment #1 Posted By: Anonymous 08/06/08
Anonymous
They beter have lots of money to weather this market. Where's the profit? Shvoville!
Comment #2 Posted By: Anonymous 08/06/08
Anonymous
You cant leave the cookie in the milk to long!! because it will all fall apart!!!! lol sucka
Comment #3 Posted By: Anonymous 08/06/08
Anonymous
Congrats Julie. U Go Girl... Reminder... Non-Disclosure Bkr
Comment #4 Posted By: Anonymous 08/06/08
Anonymous
Changing firms is a brilliant PR move. They get all this press just for dumping Shvo. Brings more attentin to the building.
Comment #5 Posted By: Anonymous 08/06/08
Anonymous
o it looks like we have a shvo employee talking here lol have nothing else to do with your self huh ask shvo if his new employees like him lolololoolololol
Comment #6 Posted By: Anonymous 08/07/08
Anonymous
Shvit. Let's not.
Comment #7 Posted By: Anonymous 08/07/08
Anonymous
HE LOST NIZUC.com and JADE and soon RECTOR AND W. The mortgage payments must be pressing hard now. next will probably be foreclosure, credit lines closing, girlfriend leaving and then what's left...... maybe support group and rabbi.... sad story of the rise and the fall of a jackass
Comment #8 Posted By: Anonymous 08/07/08
Anonymous
wow he lost NIZUC that was a sick development i bet you he shuts down in a yr and tries to go back to elliman or corcoran
Comment #9 Posted By: Anonymous 08/07/08
Anonymous
Lets Schmo!
Comment #10 Posted By: Anonymous 08/07/08
Anonymous
Good luck to sell this "White" Elephant!
Comment #11 Posted By: Anonymous 08/07/08
Anonymous
Why does everyone hate shvo so much? The more we hate him, the more successful he becomes...
Comment #12 Posted By: Anonymous 08/09/08
Anonymous
comment 13# Go shvo it. he does not to the right thing for people and there business ok. now he went to dubai lol you think they will tolerate his shit no way, they dont play games there.
Comment #13 Posted By: Anonymous 08/09/08
Anonymous
I wish Shvo the best. Good luck with your international ventures :0)
Comment #14 Posted By: Anonymous 08/10/08
Anonymous
And good luck selling condos on the Moon. Shvo me the Moon you loon.
Comment #15 Posted By: Anonymous 08/10/08
Anonymous
"Shvo is focusing on its other projects as its local and international property portfolio rapidly expands"? Maybe focusing on getting FIRED from all projects, local and international.
Comment #16 Posted By: Anonymous 08/11/08
Anonymous
LOL THAT WAS FUNNY
Comment #17 Posted By: Anonymous 08/11/08
from dubai
i met him at cityscape, he has no mannerism and any understanding of this market... rumors on the street are that he is struggling and of shutting down operations here...
Comment #18 Posted By: from dubai 12/30/08