Michael Shvo and Investors Consider Bulk Sale of Unsold Mandarin Oriental Residences in Midtown

Developer Michael Shvo and his investors, including Deutsche Finance America and German pension fund Bayerische Versorgungskammer, are looking to sell off the remaining unsold units at their Mandarin Oriental Residences project in Midtown, according to sources familiar with the matter.

The developers have hired Eastdil Secured to find a buyer for a bulk deal, after struggling for four years to sell the condos at 685 Fifth Avenue. Currently, less than one-third of the 65 units in the luxury building have been sold.

The developers had initially tapped Douglas Elliman to head sales at the project, but have now turned to Eastdil Secured in hopes of finding a buyer for a bulk sale.

According to the developers, the decision to sell off the remaining units in bulk is a strategic move to finally offload the struggling project. However, this move also highlights the challenges faced by developers in the current New York City luxury market, where high-end condos have been sitting on the market for extended periods of time.

One source familiar with the matter stated, "It's a tough market right now. Shvo is trying to cut his losses and move on." Another added, "It's a sign of the times. The market is really tough right now and it's tough to get these big, high-priced deals done."

Originally reported by The Real Deal https://therealdeal.com/new-york/2025/09/17/michael-shvo-considers-bulk-sale-at-mandarin-oriental/