The Real Deal New York

Michael Shvo claims he is developing roughly $4B in properties

Developer involved in 125 Greenwich, gas station-to-condo Chelsea project and more
April 21, 2016 03:27PM

From left: The Time Warner Center and Michael Shvo

From left: The Time Warner Center and Michael Shvo

Michael Shvo claims he is involved in the development of $4 billion worth of projects in the city at the moment.

The former broker’s firm, Shvo, is developing a 47,000-square-foot condominium building on the old Getty gas station site in Chelsea and, in partnership with Davide Bizzi’s Bizzi’s Bizzi & Partners and Howard Lorber’s New Valley, the 91-story condo tower at 125 Greenwich Street

Shvo and Russian developer Vladislav Doronin bought 20 floors of the Crown Building in April 2015, paying $500 million, with plans to turn them into a hotel and high-end residences.

At the same time, Shvo bounces around to each of his several homes, which include a condo at the Time Warner Center, a house in the Hamptons and a planned residence on a private Bahamas island he owns, the Wall Street Journal reported in a profile of him.

On the 68th floor at the Time Warner Center, he is currently combining two apartments. He bought the first unit, a three-bedroom apartment for $6.5 million in 2007 and renovated it. Shvo bought the second unit, a two-bedroom apartment for $7.5 million in January. Once completed the combined unit will be 4,100 square feet and take up half of the floor, according to the newspaper.

Another of Shvo’s properties is in Water Mill — a house that he purchased for $3.8 million in 2007 and spent $2 million to renovate, the newspaper reported. [WSJ]Dusica Sue Malesevic