NEW YORK CITY— Continuing to create reasons for interest in the far west side, art collector and real estate developer Michael Shvo, president and CEO of SHVO—together with Victor Homes—has closed on a development site at 239 10th Ave. for $23.5 million. The price per buildable square foot was approximately $850, the highest amount ever paid for a residential development site in New York City, according to SHVO representatives.
The seller of the site was Leemilt's Petroleum, Inc. The company was represented in the transaction by James Nelson, partner, Massey Knakal. SHVO represented itself in the transaction. The 5,530-square-foot site has 78 feet of frontage on 10th avenue, and an additional 70 feet on West 24th Street. The site is situated along the High Line on the corner of west 24th street.
SHVO will lead all development aspects of the project, from conception through design development as well as sales and marketing. The complex will feature “ultra-luxury residences,” according to a spokesman, but no further details were available.
Says Shvo, “This is truly a priceless property located at the nexus of the art world.” The spot is near a number of presitigous art galleries.
He continues, “239 10th Ave.will bring together an unparalleled group of creative talent to craft a new level of ultra-luxury residences. With leaders from the fields of art, architecture, design and hospitality, 239 10th is bound to raise the bar for development in New York City.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
