Michael Shvo, the real estate boom legend who brought us 20 Pine, a proposal for the first residential property on the moon, and a million unused taglines, is?brace?back in action. Ah, could there be any better way to start the day? Shvo's made comebacks before, but this time, he isn't plotting a return to the humble world of luxury sales brokering. No?Shvo, now 40, has bigger dreams. He's becoming a developer.
Shvo and developer Victor Homes partnered to buy a gas station at 239 Tenth Avenue (at West 24th Street) for $23.5 million, the Journal explains, and Team Victor/Shvo is negotiating for additional air rights now. Already, there have been some familiar-sounding rumblings from the real estate community: other developers said the $23.5 million, or nearly $800/buildable square foot, price for the gas station site was far too high for the neighborhood. Shvo (who, incidentally, has spent the past several years working on his art collection) says the price was "inexpensive" for the spot.
As for what Shvo has in mind on 10th Avenue, he tells the Journal: "The vision for this property relies on the game-changing real-estate mind-set that I believed in and acted on previously?.It's not just walls and a kitchen and a bathroom, it is about creating a true luxe brand, at once authentic, unique and self-defining when encountered." Right. More specifically, sort of, he adds that the new project "will combine art, luxury residential, design and architecture" in some kind of "art-themed" mixed-use condo/retail spectacular. And, just to make this comeback complete, he reveals that he's already bidding on sites for other projects.
· Shvo Revs Up Pace, Again [WSJ]
· Michael Shvo coverage [Curbed]