Michael Shvo Lays Out A Record $23.5 Million For A Plot Of Land In Manhattan
Shvo, one of the hottest real estate entrepreneurs in the city, has broken the record for the highest price ever paid per square meter for construction land in New York City.
West Chelsea at 239 10th Avenue
Michael Shvo has gotten used to making waves on the New York City real estate scene, and this time he has made the biggest one paying out $23.5 million for a construction site. The site is located in the heart of Manhattan, on 10th Avenue and covers just over 17,300 square feet. For those who have not the time to do the calculations that means that Shvo has paid out just over $1358 per square foot.
Announcing the purchase, Shvo revealed that his plans for the site which will be to build apartments based on an artistic theme, as 10th Avenue site is within walking distance of most of Manhattan’s best-known and prestigious famous art galleries.
Michael Shvo, a relative newcomer to the New York property development and real estate market has made a name for himself thanks to his ability to combine a shrewd business brain, the ability to take calculated risks and the good taste to use the best of designers on each of the real estate projects that he has handled to date.
Despite playing a record price for the construction and Shiva apparently is unfazed stating that the location of the site embodies luxury and therefore cannot be measured solely in terms of money.
“In the heart of New York’s world of art, we will bring to the project the best talents in the field to create a new level of super-luxurious living.” Shvo went on to prophesize.
He was born and raised in a small community in the north of Tel Aviv and Israel. After completing his Army service and gaining a degree in finance at Tel Aviv’s Bar-Ilan University, Michael set off to make an impression on the world in general and the real estate market of Manhattan in particular.
Shvo rapidly settled into the rhythm and soon found himself working with some of the most prestigious real estate developers in the city, in particular Donald Trump.
After learning the ropes as an agent it was only a matter of time before Michael Shvo will begin to develop properties of his own. In 2004, formed his own company which he simply entitled, Shvo, to handle luxury residential developments.
Since opening the company, which operates from offices on 5th Avenue, Shvo has handled projects to a total market value of $15 billion, not just in New York or even United States but all over the world.
Firmly established in the heart of Manhattan and in the property business for keeps, Michael Shvo, in recent years, has begun to indulge himself and another one of his passions, collecting sculptures. Shvo’s collection includes works by Andy Warhol, Takashi Murakami among a number of others.