Michael Shvo

Michael Shvo (born December 29, 1972) is a real estate developer based in New York City[2] with offices in New York, London, and Dubai.[3] He is the President and CEO of SHVO, a real estate development company he founded in 2004.

Michael Shvo
Born (1972-12-29) December 29, 1972
CitizenshipAmerican
EducationB.A. Bar-Ilan University
OccupationReal Estate Developer
Known forFounder of SHVO, real estate development company
Spouse(s)Seren Shvo [1]
ChildrenEmma Shvo
Websitewww.shvo.com

Early life and education

Shvo was raised in Arsuf, Israel, by parents who were both chemistry professors.[4] He completed his military service in Israel and received a B.A. in finance at Bar-Ilan University.[4] In 1996, he emigrated to the United States from Israel with only $3,000 to his name.[5]

Career

Shvo initially managed a fleet of taxis prior to landing a job as a real-estate broker with Douglas Elliman, the largest brokerage in New York.[6] In 2003, at the age of 30, he achieved more than $300 million in sales from more than 400 deals, becoming the firm's top broker.[7] He created his own group within the firm and managed a staff of 27 people.[5] He left the firm in 2004 to launch his own international real estate firm, SHVO. His firm currently develops high end properties internationally.[8] From 2003 through 2008, he performed $15 billion in real estate transactions worldwide, including Nurai, a private island off the coast of Abu Dhabi. Additional developments in New York included the Bryant Park Tower,[5] The Lumiere on 53rd Street in Manhattan,[5] Gramercy Starck designed by Philippe Starck, Jade by Jade Jagger, Fultonhaus,[9] as well as Amangiri in Utah and Nizuc in Mexico. He was known for creating the marriage of fashion and real estate with his project 20 Pine Armani Casa, where Armani was hired to design the interior of the building.[10][11]

The Crown Building in New York City, the top portion of which was purchased by Shvo and Vladislav Doronin in 2015.

Shvo took a break from real estate in 2008, focusing on his passion for art. He got back into the real estate market in 2013, initially purchasing a Getty Oil gas station at the corner of 10th Avenue and 24th Street in West Chelsea, Manhattan.[12] He paid $23.5 million for the property which was a record price for per buildable square foot in Manhattan.[13] Prior to the development of the property, he turned the former gas station into a public art space.[14] The inaugural show "Sheep Station" featured a white picket fence, grass and trees around the gas pumps, and 25 grazing concrete sheep sculptures by late artist François-Xavier Lalanne.[12] The site has been developed into a high-end luxury condominium named The Getty Building,[15] with Peter Marino designated as the architect for both the interior and exterior of the project.[16]

Shvo's announced in early 2014 the acquisition of eight properties located in SoHo, Manhattan, including parcels located between Varick Street, Broome Street, and Watts Street.[17] He paid $130 million for the site, with plans of turning it into a 30-story residential tower. It was reported by the New York Post that the project would potentially generate more than $800 million in sales.[2][18] In August 2014, he made a large land acquisition totaling approximately $240 million to develop one of the tallest towers in New York City and the tallest residential tower in Lower Manhattan.[19] The project site is in direct proximity to the new World Trade Center complex, with proposed plans for the tower to rise upwards of 1,356 feet.[20]

In January 2015, Shvo went into contract on an acquisition of an island, Matt Lowe's Cay, in Abacos, Bahamas, comprising 50 acres and seven private beaches.[21] Matt Lowe's Cay has received local government approvals to proceed with plans for a luxury hotel and residential development, including private villas and a 40-50 slip inland marina.[21] In 2015, he also acquired the majority of the Crown Building located at 57th Street and Fifth Avenue, in partnership with Vladislav Doronin.[22] General Growth Properties and Wharton properties acquired the retail part of the building. The $1.8 billion purchase was one of the largest in New York City real estate history. The property was designed by Warren and Wetmore, architects of the Helmsley Building and Grand Central Terminal. The property will be redeveloped into an Aman Hotel and 26 apartments that will go by the name of Aman New York Residences.[23]

In September 2016, Shvo was accused by Manhattan District Attorney of buying art and other luxury items, using them in New York and claiming they had been sent out of state to avoid $1.275 million in sales, use and corporate taxes. Shvo settled the case in 2018 and paid $3.5 million.[24]

In 2019, Shvo purchased the Raleigh Hotel from Tommy Hilfiger along with partners Bilgili Holdings and Deutsche Finance America.[25] Along with the same partners, Shvo purchased a property on Wilshire Boulevard for $130 million, which is reported to be developed into residential and retail space.[26]

Partial list of projects
Year(s) Project Name Details
2019 Raleigh Hotel (Miami Beach) 1775 Collins Ave, Miami Beach, FL. Art deco building purchased by SHVO and other partners from Tommy Hilfiger in 2019.[27]
2018 685 Fifth Ave., Manhattan Located at 54th and Fifth Avenue.[28] Conversion into Mandarin Oriental residences.[29]
2015 Crown Building Located at 57th Street and Fifth Avenue. The property will be redeveloped into an Aman Hotel and 26 apartments that will go by the name of Aman New York Residences.[23]
2015 Matt Lowe's Cay 50-acre private island in Bahamas a luxury hotel and residential development.[21]
2014 125 Greenwich Street 1,356 foot tall residential tower, largest residential tower located at the World Trade Center District.[30] Revealed to be 912 foot and became a project of Bizzi & Partners in 2017.[31]
2014 SoHo 30-story residential tower located at 100 Varick Street.[17]
2013-2016 The Getty Building Parcel located at the corner of 10th Avenue and 24th Street in Manhattan, originally transformed into art exhibition.[32] The site has been developed into a high-end luxury condominium named The Getty Building.[15]

Art projects

Shvo has conceived several art projects, including Documents of Desire & Disaster, a retrospective of contemporary photographer David La Chapelle’s work.[33] He partnered with Paul Kasmin Gallery & Serdar Bilgili, who owns the Akaretler area in Istanbul where the exhibition took place in December 2010. [34]

Shvo also created Getty Station, a public art installation at the former getty station on 10th avenue and 24th street in Manhattan. He purchased the property in early August 2013 and transformed into a sheep’s meadow with 25 sheep sculptures by Francois Xavier Lalanne.[33] Shvo collaborated with Paul Kasmin Gallery for the exhibit.[33]

Shvo also curated the selling exhibition Les Lalanne: The Poetry of Sculpture along with Paul Kasmin at the S|2 Gallery of Sotheby's Auction House in New York.[35] It included rare Lalanne sculptures in a midnight garden setting.[36]

In 2019 Shvo created an exhibition at the Raleigh Hotel, a property he had purchased the same year.[37] Called "Les Lalanne at The Raleigh Gardens," it is a sculpture garden in memory of the French artist François-Xavier Lalanne.[38][39]

Awards and recognition

Shvo was listed as one of "New York's City Shapers" by The New York Observer in 2007[40] and made the magazine's list of 100 Most Power People in New York Real Estate in 2008.[41] He was also listed in Art+Auction's 2013 Power 100 List.[42][43]

Personal life

Shvo resides in New York City and The Hamptons with his wife, Seren Shvo,[1][33] and their daughter Emma Shvo.

Further reading

References
  1. "Look who's Shvo-ing up". Real Estate Weekly. 19 April 2013. Retrieved 10 January 2014.
  2. Weiss, Lois (8 January 2014). "Towering luxury real estate deal struck in Soho". New York Post. Retrieved 9 January 2014.
  3. Barbanel, Josh (20 May 2013). "Shvo Revs Up Pace, Again". Wall Street Journal. Retrieved 12 January 2014.
  4. Y Net News: "Ex-Israeli buys NYC site for record price" by Navit Zommer October 10, 2013
  5. Dunn, Jancee (8 January 2014). "No Business Like Shvo Business". New York Mag. Retrieved 9 January 2014.
  6. Sherman, Gabriel (25 October 2004). "Big Dealer Michael Shvo Bolts Elliman; For Start-Up". New York Observer. Retrieved 12 January 2014.
  7. Gaines, Steven (2005). The Sky's the Limit: Passion and Property in Manhattan. Hachette Digital, Inc. ISBN 9780759513884.
  8. Marino, Vivian (1 October 2013). "Michael Shvo The 30-Minute Interview". The New York Times. Retrieved 5 April 2014.
  9. Lockhart (25 January 2006). "Catching Up with Shvo: Fultonhaus, 20 Pine, and Friends". Curbed. Retrieved 9 January 2014.
  10. Abelson, Max (21 April 2009). "10 Pine: The Conniption". New York Observer. Retrieved 12 January 2014.
  11. "Kids don't really see sheep in the middle of New York at a gas station". The Real Dal. 11 October 2013. Retrieved 12 January 2014.
  12. Heyman, Marshall (16 September 2013). "Sheepish at the Station". The New York Times. Retrieved 9 January 2014.
  13. Lescaze, Zoe (10 September 2013). "Do Art Collectors Dream of Concrete Sheep? Gas Station Gives Way to Les Lalannes Meadow". Gallerist NY. Retrieved 9 January 2014.
  14. Hughes, C.J. (22 October 2013). "Manhattan's Vanishing Gas Stations". New York Times. Retrieved 5 April 2014.
  15. "The Getty: The Little High Rise in New York". Departures. 6 December 2016. Retrieved 27 September 2018.
  16. Wilson, Reid (15 September 2014). "300 Lafayette Filings, Permits for Shvo's 239 10th Avenue, More". New York Yimby. Retrieved 30 September 2014.
  17. Dailey, Jessica (9 January 2014). "Shvo Pays $130M For Soho Site, Condos Will Likely Come Next". Curbed. Retrieved 9 January 2014.
  18. "Michael Shvo closes on $130M development site in Soho". The Real Deal. 9 January 2014. Retrieved 9 January 2014.
  19. Amato, Rowley (30 August 2014). "Michael Shvo Closes on FiDi Project Valued at $240M". Curbed. Retrieved 30 September 2014.
  20. Clarke, Katherine (2 September 2014). "New condo tower slated to rise on Greenwich St will be the tallest residential building downtown". New York Daily News. Retrieved 30 September 2014.
  21. Roberts, Timothy (10 September 2015). "Matt Lowe's Development Meet Town Committee". The Abaconian. Retrieved 12 November 2015.
  22. "Shvo, Amanresorts buy non-retail piece of Crown Building for $500M". The Real Deal. 7 April 2015. Retrieved 12 November 2015.
  23. Walker, Ameena (7 December 2016). "Midtown's Crown Building will indeed get "ultraluxury" condos, hotel". Curbed New York. Retrieved 27 September 2018.
  24. Weiss, Lois (26 April 2018). "Developer Michael Shvo Settles Art Sales Tax Case for $3.5 Million". New York Post. Retrieved 27 September 2018.
  25. Clarke, Katherine (12 February 2019). "Fashion Mogul Tommy Hilfiger Sells Miami Beach Hotel He Aimed to Restore". The Wall Street Journal. Retrieved 5 March 2019.
  26. Vincent, Roger (8 May 2019). "Prime Beverly Hills development site sells for $130 million to New York developer". Los Angeles Times. Retrieved 9 May 2019.
  27. Dolven, Taylor (13 February 2019). "A fashion designer just sold a Beach hotel for $103M — almost double what he got it for". Miami Herald. Retrieved 11 March 2019.
  28. Weiss, Lois (3 August 2018). "Michael Shvo, partners, acquire upper floors of 685 Fifth". New York Post. Retrieved 27 September 2018.
  29. "Mandarin Oriental to brand and manage 69 residences at 685 Fifth Avenue". New York Real Estate Journal. 5 March 2019. Retrieved 5 March 2019.
  30. Rosenberg, Zoe (2 September 2014). "First Renderings of FiDi's Soaring 1,356-Foot Tower". Curbed. Retrieved 30 September 2014.
  31. "A Downtown Skyscraper With Yachtlike Interiors". NYT. September 17, 2017. Retrieved March 18, 2018.
  32. Pogrebin, Robin (9 September 2013). "Topping Off With Public Art in Chelsea". Art Beat. The New York Times. Retrieved 9 January 2014.
  33. Jovanovic, Rozalia (9 October 2013). "Condo Kingpin Turns Chelsea Gas Station Into High-Art Sheep Pasture". Blouin Art Info. Retrieved 12 January 2014.
  34. Edstrom, James (5 December 2013). "Michael Shvo In Art & Auctions Power List". Time Square Gossip. Retrieved 12 January 2014.
  35. "Les Lalanne: The Poetry of Sculpture". Fahrenheit Magazine. 30 October 2013. Retrieved 12 January 2014.
  36. Kinsella, Eileen (19 November 2013). "Buyers Flock to Sotheby's "Les Lalanne: The Poetry of Sculpture"". Blouin Art Info. Retrieved 12 January 2014.
  37. Marr, Madeleine (14 November 2019). "Gorillas and sheep are taking over South Beach at this new sculpture garden". Miami Herald. Retrieved 17 December 2019.
  38. Kallergis, Katherine (8 November 2019). "Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh". The Real Deal. Retrieved 17 December 2019.
  39. Loiseau, Di Benoit (5 December 2019). "Art Basel Miami Beach 2019. La guida di Vogue" (in Italian). Vogue. Retrieved 17 December 2019.
  40. Shott, Chris (4 December 2007). "New York's City Shapers". The New York Observer. Retrieved 9 January 2014.
  41. Medchill, Lisa (14 May 2008). "The 100 Most Powerful People in New York Real Estate". The New York Observer. Retrieved 9 January 2014.
  42. Velsey, Kim (4 December 2013). "Michael Shvo, Developer Who Brought Us That Gas Station Sheep Meadow, Makes Art+ Auction's Power 100 List". New York Observer. Retrieved 5 April 2014.
  43. Garvey, Marianne; Brian Niemietz; Lachlan Cartwright (5 December 2013). "Anthony Weiner is in talks for a NYC radio program, says insiders, on either WOR or WABC". New York Daily News. Retrieved 9 January 2014.
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