The Real Deal Los Angeles
Shvo adds touch of Saks to Beverly Hills condosKeith Larsen , Jun 14, 2022
Retailer lined up to offer “VIP services” at Mandarin Oriential Residences
New York-based developer and marketing maven Michael Shvo has lined up Saks Fifth Avenue to provide “VIP services and curated lifestyle programming” to residents of his condo project in Beverly Hills, a deal that comes as the project launches sales.
The retailer will join a luxury hotel brand at the property and another in Manhattan––both of the projects carry the Mandarin Oriential Residences nameplate.
Services will include a dedicated Saks concierge, stylist, private after-hours shopping, at-home styling appointments and same-day delivery.
“Partnering with Saks Fifth Avenue furthers our mission to bring together several of the world’s most coveted names and partners to create a new standard of elevated luxury living,” Shvo said in a statement.
To promote the partnership, Mandarin Oriental Residences will launch a campaign on the display windows at Saks Fifth Avenue locations in New York City and Beverly Hills throughout June.
Shvo’s Beverly Hills and Fifth Avenue condo developments are the first residences branded by the Mandarin Oriental Hotel Group in the U.S. where there is no hotel attached to the homes. Shvo has also partnered with Michelin-starred chef Daniel Boulud to offer a private restaurant and bar run by the celebrity chef.
The Manhattan property, on the corner of Fifth Avenue and 54th Street, formerly housed Gucci’s headquarters. Shvo, a broker turned developer, first sought to buy the Beaux Arts building in 2015, but the deal fell through. He rebid and closed on it in 2018, paying $135 million with partners Deutsche Finance and Turkish development firm BLG Holdings, led by Serdar Bilgili.
Shvo and Bilgili later split, but Deutsche Finance remains a partner.
Shvo’s Mandarin Oriental Residences Beverly Hills condo development will feature 54 residences, including six penthouses. Shvo bought the site for $130 million in 2019 and scored a $190 million construction loan for the project. It is the first new condominium in Beverly Hills in more than a decade.
Closings for both projects are expected to begin this year.
In recent years, many developers have partnered with luxury brands to market to ultra-wealthy foreign buyers. In Miami, this trend is especially popular. Shvo recently tapped Rosewood Hotels & Resorts as its brand for its Raleigh development in Miami Beach.