Mere weeks after closing on a development site at 239 Tenth Avenue, newly back-on-the-scene Michael Shvo is already shaking up the status quo.
The go-go broker—now developer—whose brash branding campaigns and outsized ambition earned him a lot of friends, enemies and press in the gaga years before the housing crash, is up to his old tricks. First, Mr. Shvo announced his return with a (debatabley) price record-setting purchase of the West Chelsea lot. And now he has redecorated it, surrounding the old Getty gas station at its center with a thick wall of trees, reports Curbed.
Never one to play it safe, Michael Shvo, that showy relic of the last cycle’s boom years, has dropped a record sum on the site of a gas station in West Chelsea. The deal, which was reported to be in the works by The Wall Street Journal in May, has closed for $23.5 million, at some $850 per buildable square foot, according to a release sent out today. Mr. Shvo’s partner on the deal is Victor Homes.
Mr. Shvo, who built his reputation as a broker on branded condo collections and a reputation for ceaseless energy (a 24-hour sales office, drinking 30 to 40 cans of diet coke a day), is now staking out his career as a luxury condo developer after mysteriously disappearing during the recession. (The Observer remembers placing unreturned calls to an answering service last year.) The West Chelsea parcel, at 239 Tenth Avenue, is currently the site of a Getty gas station.
Best Laid Plans
“Nobody on Park Avenue walks,” Michael Shvo said last month, standing near the back of the Drill Hall inside the Park Avenue Armory.
The Fund for Park Avenue was hosting a private cocktail reception to honor donors to its annual holiday tree-lighting drive, a signature project that dates back to 1949.
Mr. Shvo, the 40-year-old retired real estate glitz guru, was among the few dozen guests at the reception. Wearing a white dress shirt with black top-stitching unbuttoned past his clavicle, he was talking about a recent art transaction with a fellow developer when The Observer interrupted them to ask about the future of Park Avenue. Maybe there was room on it for a pedestrian pathway down the middle, so we could all enjoy the malls?
The Shvo Show
Did power broker Michael Shvo forget to check the references on his $6.5 million dollar apartment-sitting application?
It appears so!
Our City Since
One winter evening in 2006, host Martin Bashir’s voice intoned over the opening of Nightline: “Meet the brash, young real estate assassin, selling lavish dream apartments to clients with money to burn.”
The TV screen bled to an earnest-looking Michael Shvo. “When you see a photo of the New York skyline,” the 32-year-old informed us, “these are buildings I made happen.”
And what made Mr. Shvo happen?
Location: As of today, you have nearly 10 listings under $1 million, but none over $10 million.
Ms. Teplitzky: When we realized the market was going, we basically made a switch. The market started to be active in the under–$1 million range. Read More
Standing on the 10th floor of his new Standard Hotel in the meatpacking district last January, hotelier André Balazs looked out on the Hudson River and the ever-rising New Jersey skyline in the distance, marveling at how much the area was beginning to resemble Hong Kong harbor.
“I had exactly the same comment,” agreed Read More
“I would be a fool to sit here and tell you we didn’t have challenges,” the well-tanned real estate marketing guru Michael Shvo said Sunday, April 19, from Dubai. It was a few days after he had last seen the nearly completed, long-delayed mega-condo 20 Pine: The Collection. “Unfortunately, the problems we faced here were Read More
On Feb. 12, after seas of silk-scarved, shiny-shoed, power-suited real estate brokers shuffle into the Pierre’s ballroom, the colossal real estate brokerage Prudential Douglas Elliman will name its broker of the year. Just as it’s been since Dottie Herman and Howard Lorber bought the company in 2003, and as it will be until the day Read More
“In the next few years you are not going to see many conversion projects in the Financial District,” Michael Shvo, the ubiquitous and masterful real estate marketer, said.
Mr. Shvo was referencing the vanishing trend of converting hard-to-fill office towers into luxurious new condos in the Financial District—something that has been Read More