The Business of Marrying Art and Real Estate

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Oct. 9 (Bloomberg) -- Real estate mogul Michael Shvo discusses the business of marrying art and real estate with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

My next guest came to the united states in 1995 with nothing more than a suitcase, a few dollars and a dream.

He made ends meet by working with new york city taxi driver was.

Now he is one of the most successful realtors in america.

Formally, he is a top realtor.

He is now chief executive of his own luxury residential development company.

Art of the secret?

He finds spaces that are prime for artistic interpretation.

Mike -- michael, thanks so much for joining me.

The background for you is achieved.

There is a reason for this.

Anyone that has managed to catch a look at an old getty filling station, they are seeing something that you have been inspired to create.

Tell us about it.

I purchased the getting filling station on 24th and 5th avenue a couple months ago.

The typical options are too boarded up and start building a few months from now.

Instead of that, being that it is at the heart of the chelsea art district, the idea was to turn the site into a public art space.

As you mentioned, i put grass, hills, 25 concrete blocks.

It is a sheep meadow in the middle of new york city.

It brings a smile to people's face when they see this, right?

This is not necessarily just highbrow art.

This is something everybody can enjoy.

That is the beauty of it.

At one point, it is an art installation of important art, and on the other hand, every kid that walks there just looks at sheep.

Kids don't really see a sheep in new york in the middle of a gas station.

Everybody loves it.

It has been extremely positive.

It kind of went viral.

You have people tweeting getty station.

It is a fun installation.

How does that connect with the idea of creating value in real estate?

We know there is public art all over the world, but there are something different about making that actual connection before the thing gets built.

It is very site-specific.

Historically, you talk about me coming to new york many years ago.

That is many years ago.

In 2004, i brought our money to design the first residential building in the world designed by a fashion designer.

That really became a world trend.

It was a monumental moment in residential real estate because, at that point, real estate became a luxury brand.

It was no longer just your typical for walls, a kitchen, and a bathroom.

Here, 10 years later, i am marrying art with real estate in a very different approach.

It is a very site-specific thing.

We are steps away from the galleries.

The building will have a lot of art-themed aspects to it.

If it is in the lobby or units, the idea is to start early before construction, making it a public art space, really showing the public what is going to happen here.

The previous building you are describing, that is 20 pine street in lower manhattan.

The site specificity, the idea that you can take this and scale it in terms of almost a philosophical concept, is that something you are going to do more of in the future?

Absolutely.

Art is an integral part of every home.

I always say -- you say that, but a lot of people in the real estate world don't buy into that, they don't do that.

That's why i do what i do, right?

To me, art without a home is really like a body without a soul.

There is so much that you could do within a home, but the art really gives the personality to the space.

It's no longer just these white walls and a beautiful kitchen and finishes.

That is what differentiates one apartment from the other.

As you mentioned, it is something that is scalable because i'm doing it in several projects and doing a large 300 square-foot project in soho right now, which clearly will have a lot of art-themed aspects to it as well.

Is it also making a distinctive?

There are always places to live, there are always places to rent, for commercial as well as individuals, but there is something distinctive about it.

You get to connect on an individual basis.

Absolutely.

I am a strong believer that art is something that you do for the right person at the right time at the right location.

If one loves it, then they buy into it, and they will pay a premium.

If one doesn't like it, they will pass on it.

I think it does give this very strong distinction, and if you connect it and you can't get it anywhere else, there is a true business aspect to it.

You are going to pay a premium.

Thank you very much, michael, for joining us.

You will have to keep us up-to- date on the sheet expansion.

Maybe you will get a farm.

Maybe more animals anytime soon?

Maybe, but at this point, i think we have a lot of people that want to extend it.

Are you a clutter as well?

Do you collect well -- collect art as well?

We have one of the largest collections in the world of certain works.

I am curating a show on october 30. people can actually go to 70s and see?

This text has been automatically generated. It may not be 100% accurate.

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