The Real Deal New York

Victor Group, Shvo clinch AG approval for luxe Getty condo

The six-unit Chelsea clubhouse for art-loving bankrollers has a target sellout of about $140M
By Will Parker | December 20, 2016 11:50AM

Renderings of the Getty at 239 Tenth Avenue, Michael Shvo and Victor Group’s Moshe Shuster

Victor Group can now launch sales at its Getty condominium project overlooking the High Line. The state Attorney General’s office approved the offering plan Monday for the six-unit project, co-developed by Victor Group and Michael Shvo, which has a projected sellout of about $140 million and is the priciest boutique new development to hit the West Side.

The Peter Marino TRData LogoTINY-designed, full-floor residences will start at $15 million, or about $4,500 a foot, for a 3,300-square-foot pad. The most expensive apartment, a roughly 6,400-square-foot duplex penthouse, is asking $50 million, or over $7,700 a foot, which is likely a record price for the High Line area. The penthouse boasts a rooftop terrace and private pool, as well as 3,000 square feet of exterior space. Finishes throughout the building have been imported from all over the world, including stone, marble and wood brought in from India, Pakistan, Uganda and Greece, to name just a few.

The building at 501 West 24th Street will also house the private collection of J. Tomilson Hill, a top executive at Blackstone Group whose works include originals from Picasso, Rothko and other 20th-century luminaries. The Lehmann Maupin gallery will occupy the ground floor.

Shvo and Victor teamed up in May 2013 to purchase the site at 239 Tenth Avenue, formerly home to a Getty gas station, for $23.5 million. Additional air rights brought the total price per buildable square foot to just over $700, according to sources familiar with the project. The Getty deal was Shvo’s first play after reinventing himself as a developer, following an exit from the brokerage world during the financial crisis.

The Getty is expected to be ready for move in by summer of 2017. Before the developers began construction, they repurposed the gas station for an art exhibition featuring the work of François-Xavier Lalanne. Called “Sheep Station,” it featured 25 stone and bronze sheep sculptures spread across a gas station filled in with grass and lined with a white picket fence.

Shvo, an avid art collector and dealer, was indicted in September on tax evasion charges related to his art collection. His next court date is March 29.

Victor Group’s other projects include 281 Fifth Avenue, a Rafael Viñoly-designed luxury condo project in partnership with Lendlease that will have about 130 units plus retail space.