It’s a gas: Developers making unsolicited bid for fuel stations

TRD New York /
Nov.November 22, 2013 03:00 PM

Developers are increasingly making unsolicited offers for gas stations in Manhattan, in a bid to snap up land for condominium, retail and office projects. A decade ago, 33 gas stations south of 96th Street were in operation, according to city records, but just 11 remain today. The trend is also seen Uptown, with 10 stations in operation compared with 14 stations in 2003.

On the Far West Side, for example, Michael Shvo and Victor Homes bought a gas station on West 24th Street for $23.5 million earlier this year, in order to build a luxury residential art-themed project that industry observers said was Shvo’s “make-or-break” second chance.

And now, A Gas Station On 11th Avenue And West 51st Street is asking $9.5 million and is being marketed as a condo development site, the Wall Street Journal reported. Listing broker James Nelson of Massey Knakal Realty Services told the newspaper that the property had drawn multiple suitors and was “definitely going over the asking price.”

The brokerage’s chairman Robert Knakal told the Journal that the return on a gas station with air rights “is minuscule” compared to what the site’s real estate is worth. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
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
Michael Shvo and Serdar Bilgili in December 2019 (Getty, iStock)

Bilgili wants Shvo to open his books

Bilgili wants Shvo to open his books
Michael Shvo and a rendering of the tower (City of Miami)

Shvo’s proposal for Miami Beach resi tower faces opposition

Shvo’s proposal for Miami Beach resi tower faces opposition
Michael Shvo, 333 South Wabash Ave. and Transamerica Pyramid (Google Maps)

Michael Shvo pushed out partner at 2 office tower acquisitions: lawsuit

Michael Shvo pushed out partner at 2 office tower acquisitions: lawsuit
The Transamerica Building in San Francisco and Michael Shvo (Rawpixel Ltd via Flickr)

Shvo to buy Transamerica Building at 10% discount after Covid delay

Shvo to buy Transamerica Building at 10% discount after Covid delay
arrow_forward_ios

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

Loading...