Shvo resurfaces as High Line developer

10th Avenue site slated to become art-themed condo and retail project
May 21, 2013 09:00AM

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.

Shvo is looking to turn the site into an art-themed, mixed-use condominium and retail development that would connect to galleries nearby, he told the Journal.

Developers called the purchase price exorbitant, but Shvo described it as a bargain, given the location.

“The vision for this property relies on the game-changing real estate mindset that I believed in and acted on previously,” he added.

As a broker, Shvo was widely credited with bringing new marketing ideas and practices to the industry, but was often criticized for being petulant and difficult to work with. [WSJ]  – Hiten Samtani