Israeli born real estate developer Michael Shvo has managed to raise the $240 million that he needed for his new development, a Manhattan condominium tower, through the issuance of equity and debt, as was reported in The Real Deal.
In order to pay for the project located at 125 Greenwich Street – also known as 22 Thames Street — near the corner of 13th St. and a block away from 8th Ave in Manhattan’s West Vilage, Shvo has taken on David Bizzi’s firm Bizzi & Partners as co-developer. He also provided additional equity in it to Howard Lorber’s investment company New Valley and an unnamed Chinese firm for a total of $70 million.
The remaining $170 million needed was borrowed from a Singapore bank and an Indian private equity firm.
Shvo bought the location from Fisher Brothers and Steven Witkoff for $180 million in June. That means that he intends to spend at least $60 million on construction. But there is no word yet on what exactly he is planning other than a very high luxury condominium apartment tower, for the former site of the old American Stock Exchange.
The site does not have any height restrictions and so the developers can build as high a tower as conditions will allow. According to The Real Deal, Shvo is planning on making the ceilings of the floors much higher than its previous developers and that it will probably be much taller than the 956 feet that was originally planned.
A native of Tel Aviv, Israel, the 41 year old Shvo has a degree in finance from Bar Ilan University and came to the United States in 1996 with only $3, 000. He got his business start managing a fleet of taxis in New York and then went on to work as a as a real estate broker with Douglas Elliman, the largest brokerage firm in New York. By the time Shvo turned 30, he had more than $300 million in sales from over 400 deals, which made him firm’s top broker.
Michael Shvo has performed more than $15 billion in real estate deals so far in his career.