Prime Beverly Hills development site sells for $130 million to New York developer

A long-vacant prime lot on Wilshire Boulevard in Beverly Hills has sold for $130 million to an international partnership that plans to build upmarket condominiums on the site.

New York luxury real estate developer Shvo bought the block-long property at 9200 Wilshire Blvd. from New Pacific Realty Corp., which had secured city approval for construction of a residential and retail complex there.

With its location in the vaunted “Golden Triangle” of Beverly Hills, the lot, flanked by Maple and Palm drives, is widely regarded as one of the best sites in the region for high-end development.

Shvo bought the property in a joint venture with Turkish investor Bilgili Group and German institutional funds managed by Deutsche Finance, Shvo said Wednesday.