The Hudson Square rezoning passed in early 2013, paving the way for new development in the neighborhood, and the Post reports that real estate legend Michael Shvo is getting in on the action. Shvo and development partner Erez Itzhaki paid $130 million for an eight-parcel site in the Hudson Square area of Soho. The 20,000-square-foot propertybound by Watts, Broome, and Varick Streetscurrently consists of townhouses and vacant land, with some 280,000-square-feet of air rights. Halpern Real Estate Ventures, Bizzi & Partners, and Aronov Development are also involved with the project.
As of right, Shvo & co. could build a 290-foot-tall structure on the site, which overlooks the entrance to the Holland Tunnel. Given Shvo's real estate record, condos are likely in the future, especially since that's what the Hudson Square rezoning encourages. After a bit of a hiatus, Shvo came back to the industry last year, announcing plans for a new condo on the site of a former gas station in Chelsea. While waiting for approvals to start construction, Shvo delighted us all by turning the site into a faux sheep pasture. Here's hoping he brings an equally zany display to his Soho site.
· Towering luxury real estate deal struck in Soho [NYP]
· All Michael Shvo coverage [Curbed]