Michael Shvo moving ahead with Soho residential tower

High-flier files demolition plans to make room for 290-foot tall building at 100 Varick St.

TRD New York /
June 06, 2014 02:10 PM

A partnership involving brokers-turned-developers Michael Shvo and Erez Itzhaki filed demolition plans at the Soho development site that could become a new residential tower of up to 280,000 square feet, according to property records filed with the city Thursday.

Shvo, Itzhaki and their equity partners, Halpern Real Estate Ventures, Bizzi & Partners and Aronov Development bought a 20,000-square-foot assemblage site at 100 Varick Street for $130 million in January. The site is located on the western end of the blockfront bounded by Watt, Broome and Varick streets. The joint venture filed plans with the city’s Department of Buildings yesterday to demolish three, three-story buildings that currently occupy 60, 62 And 64 Watts Street.

Shvo, the epitome of the work-hard-play-hard culture of the last real estate boom, was missing in action for a number of years after the market tanked. But last May, in his new avatar as a developer, he made a comeback and purchased a West Chelsea parcel in partnership with Victor Homes. Shvo intends to build luxury condos at that site, located at 239 10th Avenue, and is aiming for prices of up to $3,000 a square foot, sources said.

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