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$59M Sale of Apartment in Chelsea’s Getty Condo Bldg Breaks Record; Michael Shvo Continues to Soar

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A penthouse at the Getty, a new boutique condominium in West Chelsea, has just sold for $59.06 million, setting a downtown record, according to the New York Times.

The sponsor unit, which encompasses the top three floors of the geometric glass building on West 24th Street and 10th Avenue, was also the most expensive transaction in New York City for the month of May, according to property records

The sponsor unit, which encompasses the top three floors of the geometric glass building on West 24th Street and 10th Avenue, was also the most expensive transaction in New York City for the month of May, according to property records.

The previous record for a single residence downtown was another Chelsea penthouse — one at Walker Tower, on West 18th Street — that sold for $50.9 million, in January 2014, the paper added.

Located at 501 West 24th Street in Manhattan’s coveted West Chelsea neighborhood, this architectural sculpture is composed of six bespoke homes, an art gallery and an art museum. Situated at the corner with Tenth Avenue, the property is located in the burgeoning art district and overlooks the High Line.

Located at 501 West 24th Street in Manhattan’s coveted West Chelsea neighborhood, this architectural sculpture is composed of six bespoke homes, an art gallery and an art museum. Situated at the corner with Tenth Avenue, the property is located in the burgeoning art district and overlooks the High Line

The Getty is named for the Getty gas station that originally stood at this site of rapid architectural and economic growth.

According to the NYT report, the massive Getty penthouse was the first residential closing in the building. The stately apartment consists of two original units; a duplex on the 10th and 11 floors and a full apartment on the 9th floor.

The Getty condominium contains five units in an impressive 12-story structure. The apartment that was sold has six bedrooms, seven bathrooms, two great rooms and two kitchens, according to the NYT report. The master suite takes up the entire 11th floor and occupants can enjoy a private rooftop deck and swimming pool.

The condominium was developed by the Victor Group and Michael Shvo, a former real estate broker who has turned in to a significant developer in New York City and beyond

The Times reported that the building was designed by architect Peter Marino, who personally selected different finishes for each apartment. The buyer of the grand apartment is reportedly Robert F. Smith, the billionaire founder of the private equity firm Visa Equity Partners of Austin, Texas, according to the NYT report.

The condominium was developed by the Victor Group and Michael Shvo, a former real estate broker who has turned in to a significant developer in New York City and beyond.

In a recent interview, Michael Shvo told the Jewish Voice “we are almost 70% sold out and the apartments have never been listed. The price is a record in the area for both total price and square foot price Every single unit has a unique layout and finishes; every single bathroom and fireplace in the building has a different stone, over 50 different types.”

The previous record for a single residence downtown was another Chelsea penthouse — one at Walker Tower, on West 18th Street — that sold for $50.9 million, in January 2014

Due to the high demand, the prices on the remaining apartments have seen an increase. The fifth-floor apartment, which was originally priced at $16 million, will now market for $19.5 million, and the sixth-floor unit will go from $14.5 million to $16.25 million. On the seventh-floor, the price will climb from $17.5 million to $21 million and, on the eighth-floor it will increase from $19 million to $22 million, according to a report on the Real Deal web site.

Shvo is the President and CEO of the eponymously named SHVO; a vibrant real estate development company that he founded in 2004. His impressive real estate career began after landing a job with Douglas Elliman, the largest real estate brokerage in New York City. At the age of 30, he had already achieved more than $300 million in sales. 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 Street, as was previously reported by the Jewish Voice.

One57, formerly known as Carnegie 57[4] and nicknamed “The Billionaire Building” is a 75-story (marketed as 90-story) supertall skyscraper at 157 West 57th Street between Sixth and Seventh Avenues in the Midtown neighborhood of Manhattan

Price is apparently no object when it comes to real estate with panache. Manhattan’s luxury home buyers are paying premiums to live in buildings designed by the world’s top architects, according to Mansion Global. Over the past decade, buyers have spent 24.5% more on average to live in developments that Pritzker Prize winners designed than those by non-laureates, according to a Mansion Global analysis of sales at Manhattan’s top developments.

“The sales data, provided to Mansion Global by real estate consultants CityRealty, covered every transaction in the past 10 years for 50 of Manhattan’s most expensive condominiums,” the site reveals. “Of those, 17 were by Pritzker winners and 33 by architects who haven’t won the prize, though many are still well known. The analysis showed that buyers paid an average $3,238 per square foot in Pritzker-designed buildings, compared to $2,599 per square foot in comparable buildings by non-laureates.”

Buildings by star architects “pretty consistently outperform the overall luxury market, said Gabby Warshawer, director of research at CityRealty, which compiles a separate “Starchitect Condo” index that covers 37 buildings by notable designers,” Mansion Global has found. “It really shows that there’s a premium that buyers are willing to pay for units in buildings by starchitects,” Warshawer said.

The previous record for a single residence downtown was another Chelsea penthouse — one at Walker Tower, on West 18th Street — that sold for $50.9 million, in January 2014

Indeed, those who say Manhattan condo prices have gone into orbit are more correct than they know. The owner of one Manhattan condominium is including a trip to outer space with the purchase of an $85 million apartment.

The condo, according to Crain’s New York Business, is a 15,000-square-foot duplex located on the entirety of the 45th floor of the Atelier building on West 42nd Street. WNBC-TV reported that the huge price tag for the 10-bedroom, 11-bathroom apartment comes with a number of amenities, including two seats on a trip to outer space, two Rolls Royce Phantom luxury cars, a Lamborghini, courtside seats for Brooklyn Nets games, a mansion in the Hamptons for the summer, a live-in butler and a private chef.

By: Ronald Masterson

Pictured above is The Lumiere on 53rd Street; another Michael Shvo property

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