NYC’s Newest Condo Developer Makes Bullish Moves Amid Luxury Glut
As the luxury condo market in NYC starts slowing, a relative newcomer to the scene is plowing ahead with confidence.
Michael Shvo, a former real estate broker, says he has $4.3B worth of apartments under development and expects to have nearly 400 units hit the market by August, Bloomberg reports. That’s at the same time as many developers scale back, delay or cancel new high-end projects.
Shvo will make his development debut in a year where Manhattan is expected to receive the most listings of newly built condos, mostly luxury, since 2007 as demand falls 29% for condos priced over $4M. And while all that is cause to worry, Shvo is confident there is actually an “undersupply of great product in great locations.”
Come August, we’ll see if he’s right. [Bloomberg]