Real Estate Tycoons Michael Shvo And Matt Moinian: What Recession?

by Stanely Stuyvesant · May 4, 2009

The last couple of months would suggest that if you could pick one industry not to be in, it would be real-estate.  And yet, there are always those few that seem to defy the odds (or so it seems).  Enter Michael Shvo and Matt Moinian.  Shvo, described by NY Mag as "the most loathed broker in New York" (due in part to his success and youth) teamed up with real-estate heir Moinian in 2008 on the downtown W Hotel. This Saturday, the two teamed up at Bagatelle's Saturday brunch. No word on the financial health of the W Hotel operation, but a tipster notes (with questionable grammar) that their personal conspicuous consumption sure hasn't declined:

I seen all of the biggest show offs in NYC at Bagatelles yesterday including Mike Shvo, the real estate tycoon and Matt Moinian, another tycoon. They sprayed nearly $90,000 worth of Dom Perignon according to our maitre’d most of which was aimed at some other guys in their group (of about 30 men in total, most of whom looked foreign).

They continuously sprayed champagnes on other men all afternoon long, but it looked like they were enjoying doing all of this.

Shvo is the quintessentail salesmen and marketer, so who knows if this is him reveling in gains or perpetuating an image he doesn't want to part with.  Could be perhaps a combination.  As for Moinian, who previously told NYMag that he once worked at Starbucks to learn the coffee business, perhaps he is now trying to learn the Champagne business?  Probably not...