Developer betting New Yorkers will pay premium to walk to art galleries

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It’s no secret that your average homebuyer and renter is willing to pay a premium to live in a location that’s served by good schools, or that’s within walking distance of public transit, restaurants, shopping and other amenities.

Real estate broker-turned-developer Michael Shvo is betting that affluent New Yorkers will pay a premium to be within walking distance of their favorite art galleries. Shvo says he plans to build apartments with an artistic theme on a tiny (17,300 square feet) plot of Manhattan real estate that he just paid $23.5 million for — the highest price-per-square-foot on record.

The site, at 239 10th Ave., is within walking distance of  “most of Manhattan’s best-known and prestigious famous art galleries,” Jewish Busines News reports. Source: