The illustrious real estate mogul Michael Shvo and partners have big plans in midtown as they bought up the upper floors of what used to be the Gucci Building for $135 million, The New York Post reports. The three-year effort finally landed Shvo the floors he needs at 685 Fifth Ave. to make use out of the old building that currently isn’t being utilized well despite being in such a prime location.
Shvo appears ready to convert the property into either condominiums or a hotel by including an extra five floors.
“We are excited that we finally concluded the purchase of this iconic building after three years and a lengthy endeavor with GGP,” Shvo said. “This marks our second transaction with GGP after the acquisition of the Crown Building.”
Shvo partnered with Wings group, BLG Capital, Latner Partners and Deutsche Finance America to make the acquisition happen. The actual floors that they bought are floors five through 20.
The New York Post describes how Shvo had a more informal agreement with GGP three years ago until a Turkish company stepped in to break up the handshake deal by offering to buy for $150 million, though the deal never came to fruition. The New York Post adds that sources said the deposit is still the focus of an ongoing legal battle.
GGP will still keep some of its presence, or at least still has more floors to sell, because it still controls the lower floors, and Coach retail will continue anchoring the building at its base.
The Jewish Voice has previously reported on the groundbreaking and innovative real estate developer whose presence can be felt all throughout The Big Apple in the most positive of ways. Shvo is the president and CEO of SHVO, a real estate development company he founded in 2004. His very impressive real estate career began after landing a job with Douglas Elliman, the largest brokerage in New York. 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, TJV previously chronicled.
Shvo is flying high after emerging victorious after a long, drawn out 19-month tax evasion case in which the sharp real estate tycoon was able to settle with a $3.5 million restitution after the judge ruled the prosecutor’s ludicrous recommendation of prison to be unnecessary.
By: Clark Benham