Real Estate Weekly
Image default
Debt & Equity Featured

One of Asia’s richest men sinks $40M into Michael Shvo condo development

By Konrad Putzier

Michael Shvo’s downtown condo project 125 Greenwich Street has won the backing of one of Asia’s richest men.

DILIP SHANGHVI
DILIP SHANGHVI

The Indian pharma tycoon Dilip Shanghvi has invested $40 million in the planned luxury tower, according to sources familiar with the transaction.

Shanghvi, founder of the pharmaceutical giant Sun Pharma, is Asia’s seventh-richest person with a net worth of $13.5 billion, according to research firm Wealth-X.

The investment is part of a financing package arranged by the Carlton Group. When Shvo and co-developer Bizzi Partners closed on the site in August, The Real Deal reported that the partners had secured equity financing from Howard Lorber as well as an unnamed Chinese company, and $170 million in debt from a Singapore-based bank and an unnamed “Indian private equity firm.” At the time, Shanghvi’s name was not mentioned.

Neither Shvo, Shanghvi or the Carlton Group responded to requests for comment.

Rendering of 125 Greenwich Street
Rendering of 125 Greenwich Street

Shvo and Bizzi bought the site, located three blocks from the World Trade Center, for $185 million from Fisher Brothers and the Witkoff Group.

The developers plan to build a 1,356 ft. condo tower that would rival the roof height of nearby One World Trade Center, according to renderings published by New York Yimby.

Related posts

Industry keeps up pressure as commission cap row rages

Linda O'Flanagan

Pols tell Realtors: Make your voice heard

REW

Top 10 best places to buy a beach house

REW