The Real Deal New York

Victor Group, Shvo to jack up prices at the Getty following triplex deal

Four remaining units all get a bump
By Will Parker | May 11, 2018 01:40PM

Michael Shvo, Moshe Shuster and floor plans for units 5 and 8 at the Getty (Click to enlarge)

Four remaining full-floor apartments at the Getty condominium at 501 West 24th Street are about to get even more expensive.

Developers Victor Group and Michael Shvo recently decided to increase prices for apartments after the triplex penthouse in the building sold this month for a record-breaking $59 million to Texas-based private equity baron Robert F. Smith.

The remaining apartments cover floors five through eight. The fifth-floor apartment, which was originally priced at $16 million, will now market for $19.5 million, and the the sixth-floor unit will go from $14.5 million to $16.25 million. On floor seven, the barrier to entry will increase from $17.5 million to $21 million and, on floor eight, the listing price rises from $19 million to $22 million.

The new asking prices bring the total project sellout of the residential portion to $138 million. That’s still lower than the $146.5 million price that was projected in 2016, however, when the Getty was planned as a six-unit, not a five-unit, apartment building, records filed with the New York state Attorney General’s office show.

Victor Group declined to comment. Shvo did not immediately respond to a request seeking comment.

Douglas Elliman’s Oren and Tal Alexander and Modlin Group’s Adam Modlin are handling sales at the Chelsea development.

In April, art gallery Lehmann Maupin closed on the $27 million purchase of a commercial unit in the building, where it will soon move its main headquarters. On another floor of the building, Blackstone Group executive J. Tomilson Hill will move his own private art collection for public enjoyment. Hill has yet to close on the purchase of the gallery unit. It’s set to open in September.