Developer Michael Shvo, an embodiment of the last NYC real estate boom as a bad-boy broker, is making a big comeback. He opened up about his risky new Manhattan projects in the cover story of The Real Deal’s October issue, now available online. The interview is one of many juicy, revealing Q-and-As with industry honchos in our upcoming book of Closing interviews.
In “Gary Barnett vs. Everyone,” we look at how the Extell Development chief has gotten his hands dirty when it comes to controversial industry issues. His appetite for risk is increasingly evident — from the poor-door debate, to a probe by a state ethics commission over 421-a tax breaks he received for his super-luxury condo tower One57, to his allegedly cozy relationship with Governor Andrew Cuomo.
Meanwhile, an analysis found that almost 9,000 residential units are expected to hit the market along the Gold Coast, New Jersey’s waterfront. The area has been riding a wave of demand that has been growing since 2010.
New York City construction costs are through the roof, with one project breaking the $1,000-per-square-foot marker. We break down the cost of what it takes to put a building in play today.
There’s a whole lot more in the issue, including stories about the city’s newest developers, the new Land Use chair David Greenfield, Midtown South’s priciest office leases and the crowded field of crowdfunding.
To access the issue, click here or go to the “Magazine” tab at the top of the website. Happy reading! – Mark Maurer