The Real Deal New York

SHVO expanding 100 Varick Street project

Developer buys portion of the adjacent building for $9M
January 06, 2016 12:05PM

Michael Shvo picked up another Hudson Square parcel, which he plans to add to the site of his planned 25-story condo project next door, known as 100 Varick Street.The developer bought a piece of 555 Broome Street – the building’s two-story annex – paying $9 million to the Door, a youth nonprofit which owns 83 percent of the building.

SHVO is planning a Renzo Piano-designed, 242,000-square-foot condominium building at the site, along with partners Bizzi & Partners Development and Halpern Real Estate Ventures. That building will stand 25 stories and house 115 condo units.

The plans also call for 17,000 square feet of commercial space and 750 square feet for a community facility.

Including this purchase, the partners paid $145 million for the land for the project, the New York Observer reported. That included the main site – Also Known As 565 Broome Street – along with four residential buildings at 58-64 Watts Street and 94,000 square feet in air rights from 555 Broome Street.

Late last month, SVHO leased 12,000 square feet at One World Trade Center, with plans to use it as a sales office for the firm’s planned condo building at 125 Greenwich Street[NYO]Ariel Stulberg