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.”
The 5,530-square-foot site has 78 feet of frontage on Tenth Avenue, and an additional 70 feet on West 24th Street. The development is considered one of the most important parcels available in Manhattan’s West Chelsea art district.
Shvo said that he will oversee every detail on this project himself with the goal of creating an exceptional residential experience on its grounds. He plans to be a hands-on project leader from its inception to its completion. Shvo will also handle the sales and marketing of the property. The site is close to several leading art institutions, such as the Gagosian Gallery, the Marianne Boesky Gallery, the Gladstone Gallery, the Luhring Augustine and Matthew Marks Gallery.
