Bad boy Shvo on prowl for more development sites

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

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


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