High profile real estate developer, Michael Shvo, has settled his tax evasion case for $3.5 million ending a 19-month ordeal which benched him from many major real estate projects, The Real Deal reported.
He can now resume working on some of his biggest condo projects including the redevelopment of the Crown Building at 730 5th Ave, the Soho condo project at 565 Broome St and the Getty Gas station condo project on West 24th St. These are currently some of the most expensive development projects in NYC.
Shvo is the President and CEO of SHVO, a real estate development company he founded in 2004. His impressive real estate career began after landing a job with Douglas Elliman, the largest brokerage in NY. At the age of 30, he achieved more than $300 million in sales.
Shvo left the firm in 2004 to launch his own international real estate firm, SHVO. His firm currently develops high end properties internationally. From 2003 through 2008, he performed $15 billion in real estate transactions worldwide, including Nurai, a private island off the coast of Abu Dhabi. His prolific list of achievements includes The Bryant Park Tower and The Lumiere on 53rd St.
He is known in the industry for blending fashion, art,and real estate. He transformed the Getty gas station 10th avenue and 24th into a condominium tower overlooking the High Line, with an exclusive art gallery on the ground floor.
A source close to the case told the press Shvo: “wants this behind him and has some exciting real estate deals coming to close and wants to focus on those, and most especially on his family.”
In September of 2016, Manhattan DA Cyrus Vance Jr. indicted Shvo for an alleged tax evasion scheme related to the purchase of jewelry, fine art, furniture and a Ferrari.
As part of his plea agreement Shvo admitted he “willfully and intentionally” evaded state and local taxes in relation to the purchases in the allocution entered as part of his plea agreement.
He faced criminal tax fraud charges with top a count carrying a maximum sentence of up to 15 years in prison. Prosecutors, however, recommended a term of two to six years in state prison, and the judge in the case said Shvo would not spend any time behind bars so long as he pays the $3.5 million restitution. Shvo is expected to be sentenced June 7, The Real Deal reported.