SHVO

SHVO was founded by real estate developer Michael Shvo in 2004. Prior to that time, Shvo worked as a real-estate broker with Douglas Elliman, the largest brokerage in New York.{{cite news | last =Sherman | first =Gabriel | title =Big Dealer Michael Shvo Bolts Elliman; For Start-Up | newspaper =New York Observer | location = | pages = | language = | publisher = | date =25 October 2004 | url =http://observer.com/2004/10/big-dealer-michael-shvo-bolts-elliman-for-startup/| accessdate =12 January 2014 }} 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.{{cite book | last =Gaines | first =Steven | authorlink = | title =The Sky's the Limit: Passion and Property in Manhattan | publisher =Hachette Digital, Inc. | series = | volume = | edition = | date =2005 | location = | pages = | language = | url = | doi = | id = | isbn =9780759513884 | mr = | zbl = | jfm = }}

Through 2008, SHVO 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,{{cite news | last =Dunn | first =Jancee | title =No Business Like Shvo Business | newspaper =New York Mag| location = | pages = | language = | publisher = | date =8 January 2014 | url =http://nymag.com/nymetro/realestate/features/11619/ | accessdate =9 January 2014 }} The Lumiere on 53rd Street in Manhattan, Gramercy Starck designed by Philippe Starck, Jade by Jade Jagger, Fultonhaus,{{cite news | last =Lockhart | first = | title =Catching Up with Shvo: Fultonhaus, 20 Pine, and Friends | newspaper =Curbed| location = | pages = | language = | publisher = | date =25 January 2006 | url =http://ny.curbed.com/archives/2006/01/25/catching_up_with_shvo_fultonhaus_20_pine_and_friends.php| accessdate =9 January 2014 }} as well as Amangiri in Utah and Nizuc in Mexico.{{cite news | last =Abelson | first =Max | title =10 Pine: The Conniption | newspaper =New York Observer | location = | pages = | language = | publisher = | date =21 April 2009 | url =http://observer.com/2009/04/20-pine-the-conniption/| accessdate =12 January 2014 }}{{cite news | last = | first = | title =Kids don't really see sheep in the middle of New York at a gas station | newspaper =The Real Dal | location = | pages = | language = | publisher = | date =11 October 2013 | url =http://therealdeal.com/blog/2013/10/11/kids-dont-really-see-sheep-in-the-middle-of-new-york-at-a-gas-station-shvo-says-video/| accessdate =12 January 2014 }} Between 2008 and 2013, Michael Shvo took a break from real estate to focus on art.{{cite news | last =Heyman | first =Marshall | title =Sheepish at the Station | newspaper =The New York Times | location = | pages = | language = | publisher = | date =16 September 2013 | url =https://online.wsj.com/news/articles/SB10001424127887323527004579079344189607588 | accessdate =9 January 2014 }}

File:Getty Residences April 2019.jpg

SHVO did not restart developments until 2013, initially purchasing a Getty Oil gas station at the corner of 10th Avenue and 24th Street in West Chelsea, Manhattan. It paid $23.5 million for the property which was a record price per buildable square foot in Manhattan.{{cite news | last =Lescaze | first =Zoe | title =Do Art Collectors Dream of Concrete Sheep? Gas Station Gives Way to Les Lalannes Meadow | newspaper =Gallerist NY| location = | pages = | language = | publisher = | date =10 September 2013 | url =http://galleristny.com/2013/09/do-art-collectors-dream-of-concrete-sheep-gas-station-gives-way-to-les-lalannes-meadow/ | accessdate =9 January 2014 }} Prior to the development of the property, Michael Shvo turned the former gas station into a public art space.{{cite news | last =Hughes | first =C.J. | title =Manhattan's Vanishing Gas Stations| newspaper =New York Times | location = | pages = | language = | publisher = | date =22 October 2013 | url =https://www.nytimes.com/2013/10/23/realestate/commercial/manhattans-vanishing-gas-stations.html?pagewanted=1&partner=rss&emc=rss| accessdate =5 April 2014 }} The site was then developed into a high-end luxury condominium named the Getty Building.{{cite news |title=The Getty: The Little High Rise in New York |url=https://www.departures.com/art-culture/architecture/michael-shvo-and-peter-marino-luxe-getty-condo-building-west-chelsea-new-york |accessdate=27 September 2018 |publisher=Departures |date=6 December 2016}}

In early 2014, SHVO announced the acquisition of eight properties located in SoHo, Manhattan, including parcels located between Varick Street, Broome Street, and Watts Street.{{cite news | last =Dailey | first =Jessica | title =Shvo Pays $130M For Soho Site, Condos Will Likely Come Next | newspaper =Curbed | location = | pages = | language = | publisher = | date =9 January 2014 | url =http://ny.curbed.com/archives/2014/01/09/shvo_pays_130m_for_soho_site_condos_will_likely_come_next.php| accessdate =9 January 2014 }} It 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.{{cite news | last =Weiss | first =Lois | title =Towering luxury real estate deal struck in Soho | newspaper =New York Post| location = | pages = | language = | publisher = | date =8 January 2014 | url =https://nypost.com/2014/01/08/towering-luxury-real-estate-deal-struck-in-soho/ | accessdate =9 January 2014 }}{{cite news | last = | first = | title =Michael Shvo closes on $130M development site in Soho | newspaper =The Real Deal | location = | pages = | language = | publisher = | date =9 January 2014 | url =http://therealdeal.com/blog/2014/01/09/michael-shvo-buys-130m-development-site-in-soho/ | accessdate =9 January 2014 }} In August 2014, SHVO 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.{{cite news|last1=Amato|first1=Rowley|title=Michael Shvo Closes on FiDi Project Valued at $240M|url=http://ny.curbed.com/archives/2014/08/30/michael_shvo_closes_on_fidi_project_valued_at_240m.php|accessdate=30 September 2014|publisher=Curbed|date=30 August 2014}} 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.{{cite news|last1=Clarke|first1=Katherine|title=New condo tower slated to rise on Greenwich St will be the tallest residential building downtown|url=http://www.nydailynews.com/life-style/real-estate/new-tower-tallest-residential-building-downtown-article-1.1925292|accessdate=30 September 2014|work=New York Daily News|date=2 September 2014}} After his felony conviction in 2018, SHVO was forced to sell his stake in the property, known as 125 Greenwich.{{cite web |title=Michael Shvo benched at 125 Greenwich Street: sources |url=https://therealdeal.com/new-york/2017/02/01/michael-shvo-benched-at-125-greenwich-sources/ |website=The Real Deal}}{{cite web |title=Inside the ugly dispute between Michael Shvo and his partner pal |url=https://therealdeal.com/new-york/2020/09/17/shvo-to-hell-inside-the-ugly-dispute-between-michael-shvo-and-his-partner-pal/ |website=The Real Deal}}

In January 2015, SHVO went into contract to acquire an island, Matt Lowe's Cay, in Abacos, Bahamas, comprising 50 acres and seven private beaches.{{cite news|last1=Roberts|first1=Timothy|title=Matt Lowe's Development Meet Town Committee|url=http://www.theabaconian.com/2015/09/10/matt-lowes-developers-meet-town-committee/|accessdate=12 November 2015|publisher=The Abaconian|date=10 September 2015}} In 2015, it also acquired the majority of the Crown Building located at 57th Street and Fifth Avenue, in partnership with Vladislav Doronin.{{cite news|title=Shvo, Amanresorts buy non-retail piece of Crown Building for $500M|url=http://therealdeal.com/blog/2015/04/07/shvo-amanresorts-buy-most-of-the-crown-building-for-475m/|accessdate=12 November 2015|publisher=The Real Deal|date=7 April 2015}} 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. In 2016, it was revealed the property would be developed into an Aman Hotel and 26 apartments that will go by the name of AMAN New York Residences.{{cite news |last1=Walker |first1=Ameena |title=Midtown's Crown Building will indeed get "ultraluxury" condos, hotel |url=https://ny.curbed.com/2016/11/23/13734024/crown-building-residential-conversion-plans-nyc |accessdate=27 September 2018 |publisher=Curbed New York |date=7 December 2016}} According to The Real Deal, SHVO was "removed as co-developer" on AMAN New York Residences after his felony conviction.

In 2016, Shvo was indicted on charges that included felony tax fraud and falsifying business records.{{cite web |title=Manhattan Developer Shvo Accused of $1 Million Tax Evasion |url=https://www.bloomberg.com/news/articles/2016-09-08/manhattan-developer-accused-of-evading-1-million-in-taxes?sref=TyMf2uoZ |website=Bloomberg}}{{cite web |title=Michael Shvo, Manhattan Real-Estate Developer and Art Collector, Pleads Guilty to Tax Evasion |url=https://www.wsj.com/articles/michael-shvo-manhattan-real-estate-developer-and-art-collector-pleads-guilty-to-tax-evasion-1524782893 |website=The Wall Street Journal}} He pleaded guilty to the charges in 2018,{{cite web |title=Prolific developer Michael Shvo indicted on tax evasion charges |url=https://ny.curbed.com/2016/9/8/12851358/michael-shvo-arrest-tax-evasion |website=Curbed}} and paid $3.5 million in taxes and penalties.{{cite web |title=Shvo settles tax evasion case |url=https://therealdeal.com/new-york/2018/04/26/shvo-settles-tax-evasion-case/ |website=The Real Deal}}

In 2018, SHVO purchased the office portion of 685 Fifth Avenue, previously the headquarters of Gucci, from General Growth Partners (GGP), in partnership with Deutsche Finance Group, for 135 million dollars. It has since been disclosed that SHVO will be converting the building into ultra-luxury residences branded as the Mandarin Oriental Residences Fifth Avenue. In 2024, SHVO was sued by a buyer at The Mandarin Oriental Residences Fifth Avenue over alleged construction defects.{{cite web |title=Developer Shvo sued at Fifth Avenue condo over unit's alleged defects |url=https://www.crainsnewyork.com/real-estate/developer-michael-shvo-sued-over-construction-defects-mandarin-oriental-residences-ny |website=Crain's New York Business}}

In 2019, SHVO purchased Miami’s Raleigh Hotel, and the adjacent Richmond and South Seas Hotels, from Tommy Hilfiger along with partners Deutsche Finance America. In May 2023, SHVO announced Rosewood Hotel Group{{Cite web |last=SHVO |title=THE RALEIGH RETURNS |url=https://www.prnewswire.com/news-releases/the-raleigh-returns-301539743.html |access-date=2024-03-12 |website=www.prnewswire.com |language=en}} as the hotel operator of the Raleigh after a deal with Cheval Blanc, a luxury hotel group owned by LVMH fell through.{{Cite web |last=Dilakian |first=Steven |last2=Larsen |first2=Katherine Kallergis and Keith |date=2022-05-03 |title=Michael Shvo Partners with Rosewood on Raleigh Miami Beach |url=https://therealdeal.com/miami/2022/05/03/rosewood-hotels-to-brand-michael-shvos-raleigh-development-in-miami-beach/ |access-date=2024-03-12 |website=The Real Deal |language=en}} Along with the same financial partners, SHVO purchased a property on Wilshire Boulevard for $130 million, which will be developed into the Mandarin Oriental Residences Beverly Hills, and 711 Fifth Avenue, previously the headquarters of The Coca Cola Company in New York, for $937 million.{{Cite web|title=Michael Shvo closes on Soho retail building for $382M|url=https://www.bizjournals.com/southflorida/news/2020/06/05/raleigh-richmond-south-seas-hotels-renovations.html|access-date=2021-12-15|website=www.bizjournals.com}}{{cite news |last1=Clarke |first1=Katherine |title=Fashion Mogul Tommy Hilfiger Sells Miami Beach Hotel He Aimed to Restore |url=https://www.wsj.com/articles/fashion-mogul-tommy-hilfiger-sells-miami-beach-hotel-he-aimed-to-restore-11550016241 |accessdate=5 March 2019 |publisher=The Wall Street Journal |date=12 February 2019}} In 2020, SHVO and partners purchased 333 South Wabash known as Big Red in Chicago for $370 million, 530 Broadway in New York’s Soho district for approximately $380 million, and the Transamerica Pyramid in San Francisco for $650 million.{{Cite news|date=2020-03-10|title=Michael Shvo Closes On 530 Broadway Purchase - The Real Deal|url=https://therealdeal.com/2020/03/10/michael-shvo-closes-on-soho-retail-building-for-382m/|access-date=2021-12-15|website=The Real Deal New York|language=en-US|last1=Manrodt |first1=Alexis }}

• Architecture of New York City

{{Reflist}}

• [https://www.shvo.com/ SHVO website]

Category:Real estate and property developers

Category:Land development companies

Category:American companies established in 2004

Category:2004 establishments in New York City