Shvo was forced to unload the iconic Raleigh Hotel to Nahla Capital for $270 million this month, Bloomberg first reported. The project was beset by slow condo sales, stalled construction and a looming, $190 million mortgage payment.

Shvo and his partners bought the site for $219 million in 2019, planning to spend $1 billion including the purchase price to restore the Raleigh to its original splendor and convert rooms to luxury condos. But the landmark property has been a derelict eyesore in the midst of Collins Avenue’s row of glamorous Art Deco hotels for years.

Developer Michael Shvo was forced to unload the iconic Raleigh Hotel in Miami to Nahla Capital for $270 million. Jeffrey Greenberg/Universal Images Group via Getty Images

Manhattan-based Nahla’s portfolio includes the Rosewood Residents in Beverly Hills, 152 Elizabeth St. in NoLiTa and 1122 Madison Ave. The last is a ground-up condo tower at East 84th Street with 26 luxury units.

Shvo’s spokesman said he had “no comment at this time.”

Shvo has been a polarizing figure for decades. The dashing, Israeli-born entrepreneur was a rising star at residential brokerage Douglas Elliman in the early aughts, but a vicious feud with rival superbroker Dolly Lenz earned him the moniker of “the most loathed broker in New York” in New York Magazine. (Shvo later left the company).

Shvo’s charismatic personality charmed lenders but sometimes overwhelmed others. At a 2007 forum at Avery Fisher Hall, sponsored by the Real Deal, the moderator, who was this reporter, struggled to keep Shvo from talking over other participants such as Related Companies founder Stephen M. Ross and City Planning Commissioner Amanda Burden.

Shvo has been a polarizing figure for decades. He’s been stung by one setback after another in recent years. Bloomberg via Getty Images

His career hit bottom in 2018 when he pled guilty to second- and third-degree criminal tax fraud charges involving art purchases and paid a $3.5 million fine to avoid prison time.

He later mounted an impressive comeback as a developer, though he’s been stung by one setback after another in recent years.

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His embattled company, called SHVO, sold off an office-development site on South Beach’s Alton Road earlier this year to avoid foreclosure.

The project was beset by slow condo sales, stalled construction and a looming, $190 million mortgage payment. Fotoluminate LLC – stock.adobe.com

He and a partner, German pension fund BVK, are duking it out in court over numerous issues even as BVK is under scrutiny in its home country over its investments with Shvo.

He’s reportedly trying to sell off units at the Mandarin Oriental Residences Fifth Avenue, where only 19 of 65 apartments have been sold. One buyer sued Shvo over alleged construction defects in a $6 million unit and for allegedly using the rooftop pool as his “personal fiefdom.”

Last winter, he lost the Mandarin Oriental Residences in Beverly Hills to Centurion Investment Partners when he defaulted on a $200 million loan.

Shvo is reportedly trying to sell off units at the Mandarin Oriental Residences Fifth Avenue, where only 19 of 65 apartments have been sold. Mandarin Oriental Residences, Fi

In September, he took a hit in his bitter feud with Core Club founders Jennie and Dangene Enterprise when a Manhattan judge ruled that he could not evict the swanky club at 711 Fifth Ave. Shvo claimed the Enterprises were in default on rent payments, while they earlier accused him of a “sinister and fraudulent scheme” to renege on a promised investment and of botching the club’s Fifth Avenue launch.

Shvo can claim at least one current success: the Transamerica Pyramid in San Francisco, which his company bought for $650 million in 2020 and spent another $400 to repair and modernize. The project lured law firm Morgan Lewis, among other prestigious tenants from nearby buildings.

“I think over the next 12 months, this building will be totally full,” he told the San Francisco Standard.

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“I really hate to do that,” Ken Silver, the president of Jim’s South St., a Philadelphia institution known for its cheesesteaks, told the Associated Press when asked about raising menu prices.

“Our strategy right now is just absorbing the price and hoping that we see a reduction after the summer months are over, the grilling season and all the rest,” Silver said.

Jim’s South St. in Philadelphia is absorbing rising beef costs to keep its cheesesteaks, now $13.49, as affordable as possible. Facebook/Jim’s South Street

Silver said he is also considering a “market price” strategy whereby cheesesteaks and other menu items would be listed without a fixed cost, allowing the restaurant to adjust the price based on current ingredient costs that are subject to supply fluctuations.

Beef prices in the US have been steadily rising for years, but the pace of increase has accelerated since the pandemic, driven by a shrinking cattle supply, high production costs and persistent consumer demand.

For Silver, whose father founded the business in 1976, that has meant paying $1 more per pound for beef than he did a year ago — on top of a roughly 50% jump in prices in 2024.

Silver’s cheesesteaks currently sell for $13.49, up from $11.49 in 2022, when the business was forced to shut down for nearly two years following a fire.

The popular sandwich, typically made with thinly sliced beef, cheese and onions, remains a staple in Philadelphia’s food scene.

“Crazy,” he called it. Silver said he got hit with “sticker shock” when he reopened last year.

“The price of beef when we left was $4.68 [per pound] for our choice top round beef,” Silver told ABC News.

“And when we came back it was over $7 a pound.”

Silver said that he has been hesitant to raise prices — a decision that has eaten into his bottom line.

Owner Ken Silver says declaring a ‘market price’ for cheesesteaks is on the table as beef costs continue to rise. Facebook/Jim’s South Street

“We’ve taken a hit, profitability-wise, just to maintain what our customers would expect to get when they come to us: a reasonably priced cheesesteak of the best quality they can find,” Silver said.

Nationwide, the average price of ground beef reached $6.12 per pound last month, according to US government data. That marks an increase of nearly 12% from a year earlier. The average price for all uncooked beef steaks rose 8% over the same period, hitting $11.49 per pound.

Those numbers represent record highs — and they cap off a steady climb in beef prices since the start of the decade. In 2020, the average price of ground beef was $4.63 per pound. By 2021, that figure rose to $4.88, and by 2022, it had jumped to $5.31.

Jim’s South St. reopened in 2024 after a fire. It is now grappling with record-high beef prices amid strong customer demand. Google Maps

Despite a modest 2.3% increase in 2023, the pace picked up again in 2024, with ground beef averaging $5.71 per pound. As of mid-2025, consumers are paying between $6.12 and $6.34 per pound — a rise of approximately 36% since 2020.

Steak prices have followed a similar, though more modest, trajectory. Estimated at around $10.25 per pound in 2020, steak rose to $10.41 in 2021 and $10.64 in 2022.

Prices plateaued in 2023, then resumed climbing to $10.90 in 2024. In 2025, the average for uncooked beef steaks sits at $11.49, reflecting a 12–15% increase over five years.

Behind the surge are several intersecting factors. The US cattle herd has declined to its smallest size since 1951, slashing beef supply and pushing prices upward.

At the same time, farmers have faced higher production costs due to drought conditions, increased grain prices and rising interest rates, which have led many to reduce their herds.

Despite the price hikes, demand for beef has remained strong, particularly during the summer grilling season, which means prices are unlikely to ease in the near future. Some forecasts suggest elevated beef prices could persist into 2026 and beyond, unless herd sizes are rebuilt.

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Eliot Tatelman, the self-described Jordan’s mascot forever ingrained in New Englanders’ memories with his quirky commercials and wild giveaways, announced that he’s stepping down from the company and handing the reins over to his two sons, according to WCVB.

Eliot Tatelman is stepping down as president of Jordan’s Furniture. WCVB 5

“Being part of this company has been one of the greatest joys of my life,” Tatelman said in a statement, according to the outlet.

“From the early days working alongside my brother Barry to becoming a brand people know and trust, Jordan’s has always stood for family, community and customer experience.”

Barry Tatelman (left) with brother Eliot Tatelman (right). WCVB 5

Jordan’s Furniture was founded by Tatelman’s grandfather in 1918 and currently operates eight stores across New England, including two in Connecticut.

Day-to-day operations of the 107-year-old brand will now fall to Tatelman’s sons Josh and Michael, who have been co-CEOs of Jordan’s since 2019.

Tatelman was beloved in New England for his participation in iconic commercials for the store. WCVB 5

Tatelman said his departure from the business side of Jordan’s after decades of service is not a complete goodbye to the company.

Eliot Tatelman with children who received cash as part of a giveaway. WCVB 5

“I’m like the mascot of Jordan’s. I’m like the Wally of the Red Sox. I mean, that’s who I am,” he told the outlet.

Jordan’s Furniture is a subsidiary of Warren Buffet’s Berkshire Hathaway.

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Property owner Daija Insurance Group and hotel management company Hilton for the past few months touted a “spring” reopening, which our sources said would have been in May.

The mysterious postponement follows previous failures to reopen the hotel as far back as in 2021 as the owners first promised. It wasn’t clear whether a fatal construction accident in early January, which resulted in a Department of Buildings temporary stop-work order, contributed to the latest go-slow.

None of the delays are the fault of Hilton, which yearns to see the Art Deco Park Avenue landmark reopened as the flagship of its ever-growing, international Waldorf-Astoria Hotels & Resorts brand. Blame is instead due Chinese owners with little if any real estate expertise.

A spokesperson told us in December, “As we move closer to our opening date, we anticipate accepting reservations for dates beginning in spring 2025.” Christopher Sadowski

The Waldorf-Astoria had been touted by its owner and management company to reopen in May. AP

Anbang Insurance bought the property for nearly $2 billion in 2014 and closed it for restoration and partial condo conversion two years later. The Beijing bosses later imprisoned Anbang’s chief for fraud and corruption and replaced it with Daija.

Douglas Elliman, the exclusive marketing agent for the property’s 375 newly-created condo apartments, trumpeted this month that the first three unit sales had closed for a total of $7 million.

But the hotel’s reservation site lists no guest-room availability until Sept. 1. A spokesperson told us in December, “As we move closer to our opening date, we anticipate accepting reservations for dates beginning in spring 2025.” The reps didn’t get back to us this time.

Another question mark hangs over the Waldorf’s planned ground-floor American brasserie, named Lex Yards. It’s to be helmed by Gramercy Tavern chef Michael Anthony, whom we couldn’t reach.

The opening is supposed to coincide with the hotel reopening, but it wasn’t known whether the restaurant would open before the hotel’s guest rooms.

The mysterious postponement follows previous failures to reopen the hotel as far back as in 2021. LightRocket via Getty Images

Jane Street Capital’s 67% expansion to about 1 million square feet at Brookfield’s 250 Vesey St. lent a much-needed ray of optimism to the sagging downtown office market.

The lease, first reported by Bloomberg, ended suspense over where the global trading firm would stretch its wings. We previously wrote that Jane Street was exploring next-door 300 Vesey St. for growth.

Until last week’s signing, Downtown noticeably sat out Manhattan’s winter leasing boom. January saw overall borough activity of 2.61 million square feet, or 59% ahead of the five-year monthly average, according to CBRE.  

But large deals were all in Midtown and Midtown South, which recorded volume that was up 18% and an amazing 166% respectively over January 2024.

Downtown leasing in January was a paltry 315,000 square, down 3% over the month in 2024, CBRE reported.

You might be tired of Realty Check reporting giant restaurant leases before anyone else – such as our story last week about Morimoto returning to the city in a big way at 1255 Broadway– but here we go again.

Maple Hospitality Group signed a lease for 12,000 square feet at Vornado’s 1290 Sixth Ave. on the West 51st Street, south-facing side. MHG owns four different eatery brands including its Chicago flagship Maple & Ash, which is “redefining today’s steakhouse experience,” the company says.

MHG also owns modern-Italian restaurant  Monarch in Dallas. It wasn’t immediately known which concept will be at 1290 Sixth.

Vornado’s busy with $45 million in new tenants’ amenities at the tower where the Trump Organization holds a 30% passive stake. (The Maple restaurant will be completely public.) The tower’s 2 million square feet of offices are about 90% leased. Five Iron Golf recently signed for a 13,000 square-foot facility as we reported in September.

We wondered what would replace Charlie Palmer’s defunct steakhouse at the Durst Organization’s One Bryant Park. The team behind celebrated, three-location Japanese restaurant Momoya just signed for 5,000 square feet of indoor and outdoor space there, the landlord announced.

“For the first time since we opened One Bryant Park [in 2009], the spectacular restaurant space at the base of the building became available last year. We knew the Momoya team’s  vision would be a perfect fit for the Bryant Park neighborhood,” said Durst Organization president Jody Durst. Momoya president KwangHo Lee cited the tower’s “architectural distinction and substantial commercial potential of the location.”

Lee operates Momoya locations  in Chelsea, Soho and the Upper West Side, as well as high-end kaiseki spot Kappo Sono in Union Square and three outposts of casual sushi concept Happy Tuna.

It wasn’t yet known what form the new restaurant will be when it opens later this year. The space will be completely redesigned, Durst said.

One Bryant Park’s 2.35 million-square feet are fully leased. Sinvin Real Estate’s Christopher Owles repped the Momoya group. Durst was repped in-house by Tom Bow, Rocco Romeo, and Nora Caliban.

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