A few months ago, Michael Shvo bought up a development site between Greenwich and Thames streets for $180 million. Now, the 2014 comeback tour continues, with the announcement that the developer with the funny name has raised $240 million in equity and debt financing for the new condo project.
Shvo managed to raise $70 million in equity from both Howard Lorber's investment firm New Valley and an unidentified Chinese company. A Singaporean bank and an Indian private equity firm contributed an additional $170 million in debt. He also brought in Bizzi & Partners as a co-developer.
The site was previously owned by Fisher Brothers and the Witkoff Group, who planned to build a 956-foot tall, 359,130-square-foot rental tower. According to The Real Deal, since Shvo's acquisition of the property, he has made plans to stretch the building taller and build a "soaring condominium tower," since the site has no height restrictions.
· "Shvo closes on 125 Greenwich condo project valued at $240M" [TRD]
· All Michael Shvo coverage [Curbed]