Construction Update: What is Going on at Bizzi & Partners & SHVO's 125 Greenwich Street

Ever since it's confirmation as a supertall, the excitement behind 125 Greenwich Street has been immense. Matched with a tax evasion indictment of developer Michael Shvo, there is just no end to the drama at the Rafael Viñoly designed residential skyscraper. Approvals were granted up to a height of 1,400' before being scaled back to 899' for what was to be Downtown Manhattan's tallest residential tower. Viñoly holds that a reduction in the size was to curtail shadows that would be cast onto the adjacent World Trade Center site. 125 Greenwich Street is being developed by a joint venture between Michael Shvo, Bizzi + Partners Development, and Douglas Elliman founder Howard Lorber’s Vector Group after they purchased the 9,000 SF lot for $185 million in 2014.

Drama hit this past winter (2016, '17), when Michael Shvo was forced to give up control of the $900 million project five months after he was indicted on tax evasion charges related to his extensive art collection. Shvo was indicted by Manhattan District Attorney Cyrus Vance Jr. in January 2017 on charges for criminal tax fraud in the 2nd, 3rd and 4th degrees, among other charges, after repeated failure to file taxes and working to evade the payment of more than $1 million in taxes related to the purchase of fine art, furniture, jewelry and a Ferrari. Bizzi + Partners Development along with Vector Group will complete the project while Douglas Elliman, also controlled by Lorber and Vector Group, will handle sales. The shake-up came after the indictment spooked lenders on the project. Shvo will retain his equity stake with is expected to be around 10% of the project. The projected sellout is $875.35 million. 

When completed, 125 Greenwich Street will stand 899' and feature 273 residential units, covering 360,000 SF. Layouts are offered from studio to 3 bedroom and range in size from 400 SF to 2,500 SF. Units feature interiors by March & White along with limited interior colums. The top 3 floors have been reserved for unique, sky-high amenity spaces with views of the Manhattan skyline. Amenities include a state-of-the-art fitness center, spa, squash courts, conference rooms, library, kitchen, tech bar and "grotto." The bottom 3 floors, including street level, will be retail space. Estimated completion for 125 Greenwich street is 2018.