Michael Shvo

• October 2024 New York Commercial Real Estate Market Report
• Office: Hope for longer and larger office spaces was encouraged as more people showed up to work and tenants continued to sign leases. Last month office leasing was 3.5% higher year-over-year. Manhattan’s year-to-date activity of almost 21 million square feet with leasing on track to surpass 30 million square feet for the year. Midtown South leasing volume jumped 45% month-over-month and up 28% from last year, from Yeshiva University’s 160,000-square-foot condominium leasehold at 1293 Broadway. Midtown South 17.4% availability. Average asking rents dropped slightly to foot to $74.56/RSF Midtown leasing activity dropped from 3 million to 1.4 million square feet …
  
  
• January 2023 New York Buildings For Sale
• Buildings for Sale: Quarters into bankruptcy, the co-living firm’s flagship property in Williamsburg has hit the market. Developer David D. Dweck is looking to sell the 160-bedroom, 62,600-square-foot campus on North 6th Street between Bedford and Driggs Avenues for $65 million. Fred Ohebshalom is under pressure from Stillwater Asset Management who is looking to foreclose on the nine-story office building at 226 East 54th Street after purchasing the building’s debt. 180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service the debt 103-unit apartment building. Ezra Unger is once again facing foreclosure at 427 Marcy Avenue as …
  
  
• August 2020 New York New Developments
• New York New Developments 476 new building permits were filed in the three-month period from April through June, spanning 9,309 multi-family units. Nearly half of the footage is residential, just over one-third is commercial, and the rest is split between education and utilities. Amazon said it would increase its fulfillment center square footage by 50% in 2020, that is on top of the 15% increase it reported in 2019. NYC Health + Hospitals’ six administrative offices were consolidated at 50 Water Street and resulted in $200 million in cost savings . HHC signed a 25-year lease for 526,552 square feet. …
  
  
• April 2020 New York New Developments
• New York New Developments Gov. Andrew Cuomo barred all employees of non-essential businesses from reporting to work, and laid out what amounts to shelter-in-place rules for New Yorkers, though he avoided the phrase. The order exempts food businesses and others deemed essential. After saying he will halt all residential and commercial evictions for 90 days, Cuomo noted that landlords would have a hard time renting out vacant apartments anyway, and real estate agents can’t show apartments under the new workforce rules. About $20 billion in retail property loans are coming due, and it’s unclear how much of that debt will …
  
  
• April 2020 New York Buildings For Sale
• Buildings for Sale: Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead. The midblock site is between West 44th and West 45th streets. It is a great development site with approved plans to build a hotel there, which a new owner could use or not. Brookfield Property Partners and Blackstone Group are reportedly in talks about a possible sale of One Liberty Plaza, a 2.3 million-square-foot office tower in the Financial District. Barneys has put its downtown Manhattan property at 101 Seventh Avenue …
  
  
• February 2020 New York Buildings For Sale
• Buildings Sold: Savanna sold 434 Broadway for more than $103 million to Tokyo Trust Capital Co and MC Real Estate Partners. SL Green Realty bought 707 Eleventh Avenue with plans to attract tech tenants for $90 million. The six-story building had been owned by Kenneth Cole since 2004. Jeff Sutton and Joe Sitt have gone into contract to sell 530 Broadway for $400 million, to a partnership led by Michael Shvo’s firm. Wharton is the majority owner of the trio of 11-story buildings at 530-536 Broadway. Healthcare Trust of America bought a two-story medical office building located at 4337 Broadway …
  
  
• October 2019 New York Buildings For Sale
• Buildings For Sale: Unizo Holdings Co. is selling two office buildings 40 West 25th Street and 685 Third Avenue. Blackstone subsidiary EQ Office put the 622,000-square-foot office building at 65 East 55th Street on the market. Asking more than $800 million. The land underneath Manhattan’s iconic Lipstick Building at 885 Third Avenue is for sale. Buildings Sold: A subsidiary of South Korean-based conglomerate Aju, bought 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms. The seller was Chesapeake Lodging Trust. HUBB NYC purchased three commercial condo units at …
  
  
• September 2018 New York Buildings For Sale
• NYC Buildings Sold: Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for an estimated $633 million (although in transfer documents the price was $596 million). 250 Water Street development site was bought by the Howard Hughes Corp for $183 million. 101 West 57th Street hotel was bought by the Hilton Grand Vacations for $174 million. Michael Shvo has purchased the office portion of 685 Fifth Avenue from General Growth Partners. Shvo has partnered with the Wings Group, BLG Capital and Deutsche Finance America to purchase floors five through 20 of the building for …
  
  
• April 2018 New York Buildings For Sale
• New York Buildings for sale: Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres. The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot. Magnum Real Estate Group’s Ben Shaoul is in contract to …
  
  
• April 2016: New York New Developments
• New Developments Bizzi& Partners, Michael Shvo and New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street. The developers were about halfway to reaching their goal through the EB-5 program.Vornado plans to combine its One Penn and Two Penn Plaza office buildings to form a 4.2 million-square-foot complex. New renderings for the combined building of one and two Penn plaza show a new glass facade and canopy over Seventh Avenue from Penn Station revealing a reorganized lower-level retail space.Banks are exercising more caution when it comes to financing commercial real …
  
  
• December 2015: New York Buildings For Sale
• New York Buildings sold The Dermot Company is in contract to buy a Kips Bay apartment building from AvalonBay Communities for $175 million, part of its effort to transition into the luxury market. A majority of the 209 units in the building located at 377 East 33rd Street are occupied. The 23-story building consists of 185,549 square feet of residential space and 19,000 square feet of commercial space, which is currently leased by New York University.Forest City Enterprises has agreed to sell its development site at 625 Fulton Street in Downtown Brooklyn to Simon Dushinsky's Rabsky Group for $158 million. …
  
  
• July 2014: NYC Building Sold & For Sale
• {dynamic_word1} Buildings {dynamic_word3} A development firm bought a pair of Financial District buildings from the Century 21 department store company for $46 million.The San Francisco-based investment and building firm inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million.375 West Broadway may be {dynamic_word3} for $125 million. It {dynamic_word3} for $81 million last year.Michael Shvo is in contract to buy 22 Thames Street, or 125 Greenwich Street, from Fisher Brothers and Steven Witkoff for around $180 million.A New York-based asset firm is nearing a deal to …
  
  
• September 2013: Manhattan New Developments
• Manhattan New Developments Architect Santiago Calatrava has been chosen to design the newGreek Orthodox Archdiocese Church of St. Nicholas at 130 Liberty Street. It will sit just south of the site of the World Trade Center Transportation Hub that the architect also designed..Sheldon Solow clock is running out at his long-dormant, six-acre lot between East 38th and East 41st streets on First Avenue. Mr. Solo could lose his permits and public approvals for a $4 billion project if he does not build a foundation for the office building or one of several apartment towers by this November.The battle to secure …