Bad boy Shvo on prowl for more development sites

Ex-broker is eyeing $80M property in Midtown that Gary Barnett owns

TRD New York /
Aug.August 05, 2013 08:30 AM

Fresh off buying a West Chelsea parcel, former bad boy broker Michael Shvo is now in talks to pick up more two sites — one in Soho and one in Midtown from mega-developer Gary Barnett, Crain’s reported.

Shvo wants to to buy 100 Varick Street, where he would probably put up a residential building;  the deal isn’t final and the property could still go to another buyer. Nothing is settled yet either with Barnett, who heads Extell Development. The site  at 16-18 West 57th Street, also suited for apartments, could be worth $80 million, sources told Crain’s.

“We are looking at several acquisitions,” Shvo said.

In May, Shvo and partner Victor Homes paid $23.5 million for a property at 239 Tenth Avenue; they plan to turn the site into an art-themed condominium and retail building with up to 41,000 square feet.

Industry insiders have declared that the project is a make-or-break second chance for the once high-flying broker, as The Real Deal reported. [Crain’s]Hiten Samtani


Related Articles

arrow_forward_ios
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower

Extell just went public with Central Park Tower listings

Extell just went public with Central Park Tower listings
Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell
Extell's Gary Barnett and a rendering of 50 West 66th Street (Courtesy of Snøhetta)

Judge throws cold water on Extell’s UWS condo development

Judge throws cold water on Extell’s UWS condo development
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
Gary Barnett and Sush Torgalkar with 225 West 57th Street, 225 West 86th Street, and 169 Columbia Heights in Brooklyn (Credit: Getty Images, iStock, and CityRealty)

Torgalkar out as CEO of Extell: sources

Torgalkar out as CEO of Extell: sources
arrow_forward_ios

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

Loading...