Despite his critics, Mr. Shvo is forging ahead. He recently went into contract for a second, even more ambitious development, in partnership with Erez Itzhaki of the Keystone Group. The project, 100 Varick Street, is to be built on nearly half an acre between Broome and Watts Streets. The site is an assemblage of several town houses, development parcels and air rights that took six months to acquire. The developers are proposing a 30-story condominium and expect to complete more than $800 million in sales. He says he also is putting together two deals near Central Park in Midtown, one of them for a 100-story tower.
Well, we have five 400m+ towers with only 80 something storeys. So a 100 storey building in New York sure sounds incredible! Let's wait and see how this will develop.WOW the 100 story building sound awesome!!! perhaps it could break the 500 m mark (to roof).
Mr. Shvo, as the story goes, arrived in New York in 1996 from Israel with just $3,000 in his pocket. He managed a fleet of taxis before becoming a broker at Douglas Elliman, where he quickly rose up the ranks. By 2003, at age 30, Mr. Shvo was the firm’s top producer, with more than 400 deals totaling $300 million in sales.
From 2003 until 2008,” he said, “I did $15 billion worth of real estate deals worldwide.
This is the very highest end of the market. Deals are done with CASH. When the demands begins to soften (and it will), developers will focus further down the chain. NYC has a shortage of apartments in the $1-3 million range. There will be plenty of these built in several boroughs. But they don't get built around Central Park, and they may not be supertalls.Nothing lasts forever, and just like other booms there will probably be some nice towers that do not end up being built.