Michael Shvo knows Watt’s up in Soho.
The savvy executive who transformed his career from marketing other people’s properties to becoming a lead developer himself, has paid $130 million with partners for the site of what will likely become a new residential tower.
Shvo and partner, the Keystone Group, along with equity partners Halpern Real Estate Ventures, Bizzi & Partners and Aronov Development, have closed on the western end of the blockfront bounded by Watt, Broome and Varick streets, The Post has learned.
The site took over nine months to assemble and included five parcels sold by Charles Fridman’s Shalimar Management.
Shvo and Fridman could not be reached for comment.
Comprised of eight parcels consisting of townhouses, vacant land and air rights totaling 280,000 square feet of development space, it is expected to become the largest ground-up project in Soho.
A 290-foot tall tower is permitted as-of-right on the 20,000 square feet of land — about half an acre.
The site overlooks the Holland Tunnel entrance plaza just north of Canal Street, and will have views to the Hudson River, Empire State Building — and just two blocks away, the 435-foot-tall Trump Soho at Spring Street, which was not permitted to have permanent residences when it was
developed.
With 15 years of experience in luxury real estate, it is also likely that Shvo will develop luxury condos that are now permitted under new Hudson Square zoning.
With a price per buildable foot of $485, there is also plenty of market wiggle room to both make money and not lose any should the luxury sales market suddenly turn.
This pricing is also less than Shvo’s record acquisition of the Getty Station at Tenth Avenue and West 25th Street that set a record of $850 per buildable foot for a much smaller project.