Michael Shvo, the once-high-flying New York developer, crashed to Earth on glam South Beach, Miami, boulevard Collins Avenue.

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. 4

Manhattan-based Nahla’s portfolio includes the Rosewood Residents in Beverly Hills, 152 E

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