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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Bank OZK Shares Drop After Citi Flags $915M Mortgage Concern

Soaring Yields Strand REITs In M&A No-Man’s-Land

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

LS Power Raises $6B To Capitalize On Data Center Power Demand

DHS Buys 3 More Detention Facilities From The Geo Group For $950M

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

Oprah-Backed Health Food Chain Files For Bankruptcy, Seeks To Exit Leases

Fund Affiliated With Michael Dell Takes $1B Swing At Senior Housing

Major NYC Multifamily Firm Expands With Tech-Driven Operations

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Riverwards Secures $36M In Construction Financing For Philly Apartment Project