Serhant Team Takes Over Sales at Shvo’s Mandarin Oriental

2 February 2026

Michael Shvo’s Mandarin Oriental Residences are getting a new sales team — and new pricing.

A Serhant team led by Peter Zaitzeff and Glenn Davis is taking over sales at the building in the latest bid to breathe life back into the 65-unit project, which has sold just about one-third of its condos since launching in 2021.

The newly priced units feature steep discounts. A two-bedroom is now listed for just $5.3 million, down more than 12 percent from its original asking price, while a one-bedroom unit spanning over 1,000 square feet is asking $4.25 million, after it was priced at almost $6 million in the property’s offering plan.

“We want to trade those things close to where we listed them, and I think we can, because we reduced significantly,” Zaitzeff said of the new pricing.

A Douglas Elliman team led by Jade Chan and Alexander Boriskin had previously overseen sales at the building.

The latest sales revamp comes after it was reported last fall that Shvo and other investors, including Deutsche Finance America and German pension fund Bayerische Versorgungskammer, hired Eastdil Secured to try and unload the unsold condos in a bulk deal.

Zaitzeff said that while there’s always the opportunity for a bulk sale of the remaining units, “the goal here is to sell these to the general public.”

In September 2024, the project’s developers secured a $120 million inventory loan from Northwind Group for the building’s unsold condos. At the time, just 15 condos had sold at the project, which had a projected sellout of $340 million. The building still has 45 units left to sell.

Representatives for Shvo and DFA did not respond to requests for comment. Northwind CEO Ran Eliasaf said the new sales team was brought in to “execute on the business plan.”

Shvo and his partners bought what was formerly known as the Gucci building for $135 million in 2018, and converted the office portion of the building into condos while adding five floors of residences. The condo is the first residential-only property managed by Mandarin Oriental on the East Coast, and gives residents access to a private restaurant and bar run by Daniel Boulud.

In 2024, two buyers alleged the finishes in their $6 million one-bedroom condo fell short of the agreed-upon plans in a lawsuit filed in New York. A judge dismissed Shvo as an individual defendant. The case is still pending.

While Shvo tries to make good on his investment at 685 Fifth, the rest of his portfolio remains in turmoil.

Shvo sold the Raleigh Rosewood Residences, a condo and hotel project in Miami Beach, for $270 million in October to Nahla Capital, despite his efforts to match their offer. The new owners tapped Compass to lead sales and marketing at the project.

He also defaulted on a $200 million loan at the Mandarin Oriental in Beverly Hills, leading to a sale-in-lieu-of-foreclosure, and is entangled in a messy lawsuit with Core Club, which sued him in November and accused him of being involved in a Racketeer Influenced and Corrupt Organizations (RICO) conspiracy.

Most recently, rumors have swirled that Shvo is in line to lose the Transamerica Pyramid, one of the eye-catching pieces of the San Francisco skyline. A spokesperson for Shvo told The Real Deal those rumors are “false.”

The building is home to a bright spot for Shvo, after landing what the developer has claimed is a West Coast rent record. An anonymous tenant agreed to pay $300 per square foot for approximately 4,000 square feet on the building’s 44th floor, the San Francisco Chronicle reported earlier this month. The property was 85 percent leased as of December.