Michael Shvo closes on $130M development site in Soho
Deal could allow for a residential tower of up to 280,000 square feet
UPDATED, 12:30 p.m., Jan. 10: High-flying broker-turned-developer Michael Shvo has closed on his next big deal – the $130 million acquisition of a Soho development site that could become a new residential tower of up to 280,000 square feet.
Shvo teamed up with Erez Itzhaki and equity partners Halpern Real Estate Ventures, Bizzi & Partners and Aronov Development to buy the 20,000-square-foot assemblage site at 100 Varick Street, located on the western end of the blockfront bounded by Watt, Broome and Varick streets.
The eight-parcel site includes five lots from Shalimar Management, which is run by Charles Fridman, And Three Townhouses On Watt Street, the New York Post reported. It overlooks the Holland Tunnel entrance plaza just north of Canal Street, and some residents of any planned tower would have Hudson River and Empire State Building views.
Amir Aframian and Yona Edelkopf of Itzhaki Properties brokered the deal for the 60, 62 And 64 Watt Street townhouses, Aframian told The Real Deal, and added that several developers including DDG Partners had expressed interest in the properties.
Shvo, who couldn’t be reached for comment by the Post, can build a 290-foot-tall tower as-of-right, according to the newspaper.
In May, Shvo partnered with Victor Homes to purchase a West Chelsea parcel where he intends to build luxury condos, a move which many industry sources said would be a make-or-break second chance for Shvo. [NYP] — Hiten Samtani
Correction: An earlier version of this article incorrectly identified Shvo’s partner on the project, due to an error in the source article. Erez Itzhaki will work with Shvo, his representative said.