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Records are made to be broken, especially when the topic involves record prices and luxury real estate projects. Currently, the highest amount ever paid per square foot for a residential development site in New York City was established last Friday. Michael Shvo, a real estate developer and art collector, together with Victor Homes
, a development and construction company, closed on the property at 239 Tenth Avenue overlooking High Line for $23.5 million. The cost per buildable square foot came in at $850.
“This is truly a priceless property located at the nexus of the art world,” said Michael Shvo, President and CEO of SHVO
. “239 Tenth Avenue will bring together an unparalleled group of creative talent to craft a new level of ultra-luxury residences. With leaders from the fields of art, architecture, design and hospitality, 239 Tenth is bound to raise the bar for development in New York City.”