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Manhattan's Newest Condo Builder Speeds Up in Slowing Market

  • Michael Shvo has plans to list 400 units for sale by August
  • Luxury-home demand slipping after four-year construction boom
Aerial view of Lower Manhattan and the new One World Trade Center in New York, U.S., on Friday, June 19, 2015.
Photographer: Craig Warga/Bloomberg
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While a luxury-condo glut spurs some of New York’s biggest developers to re-evaluate their plans, a relative newcomer is plowing ahead with confidence.

Michael Shvo, a former real estate broker who closed his eponymous firm during the financial crisis, says he has about $4.3 billion worth of apartments under development and two more sites in contract. He’s trying his hand at building lavish homes for wealthy buyers just as sales start slowing, four years into a gilded construction boom that’s flooded the market with choices.