Michael Shvo

Shvo is an enigma. His never-ending ability to find new corners of the world with new capital sources has bewildered the industry.

He burst on the scene over two decades ago as a top earning agent at Douglas Elliman before leaving to start his own new development marketing company. 

Shvo’s career took a detour when Manhattan District Attorney charged him with tax evasion in 2016. He pleaded guilty and agreed to repay $3.5 million in back taxes.

But Shvo tends to find a way to bounce back with new partners when old relationships sour. 

Around 2018, Shvo found new backers with German pension fund money and went on a historic acquisition spree. Between 2019 and 2020, Shvo acquired the former Coca-Cola building in New York City, a site in Beverly Hills for condos, the historic Raleigh Hotel in Miami Beach, and the iconic Transamerica building in San Francisco. In total Shvo, along with his German partners, which include the pension fund BVK, spent $4 billion. 

He may face another test as his empire started to shrink amid pressure from German investors to exit their high-end condo projects. In early 2025, Shvo sold off the Beverly Hills complex after a loan default. Later that year, the developer parted with the luxury Raleigh hotel and condo residences for $270 million to Nahla Capital. Shvo is now attempting a bulk sale at the Mandarin Oriental Residences in New York City. 

— Keith Larsen