Shvo resurfaces as High Line developer

10th Avenue site slated to become art-themed condo and retail project

New York /
May.May 21, 2013 09:00 AM

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


Related Articles

arrow_forward_ios
The Standard hotel at the High Line (Getty)
Standard Hotel to erect sidewalk shed on High Line after debris falls
Standard Hotel to erect sidewalk shed on High Line after debris falls
From left: Ralph Lauren and Michael Shvo with 711 Fifth Ave. (Getty, Shvo Organization)
Ralph Lauren, Shvo Group feuding over Fifth Ave sublease
Ralph Lauren, Shvo Group feuding over Fifth Ave sublease
532 West 22nd Street and Kate Winslet (Google Maps; Getty)
Kate Winslet letting go of Chelsea penthouse
Kate Winslet letting go of Chelsea penthouse
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)
Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Serdar Bilgili and Michael Shvo (Illustration by Paul Dilakian for The Real Deal)
Inside the ugly dispute between Michael Shvo and his partner pal
Inside the ugly dispute between Michael Shvo and his partner pal
What tenants are paying at Shvo’s “Big Red” building
What tenants are paying at Shvo’s “Big Red” building
What tenants are paying at Shvo’s “Big Red” building
Michael Shvo and a rendering of the project
Michael Shvo’s proposed Miami Beach tower gets haircut and approval
Michael Shvo’s proposed Miami Beach tower gets haircut and approval
AIG, Goldman lend on Shvo’s “Big Red” buy in Chicago
AIG, Goldman lend on Shvo’s “Big Red” buy in Chicago
AIG, Goldman lend on Shvo’s “Big Red” buy in Chicago
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...