It's a shame that more details weren't revealed re: 281 5th. It's amazing that this formerly dumpy area will have $2m one bedroom apartments!
Conversation With Moshe Shuster
JANUARY 12, 2016
The 30-Minute Interview
By VIVIAN MARINO
Mr. Shuster, 71, is the founder and president of VRE Development, which does business as the Victor Group. The company, with headquarters in Wall, N.J., and an office in Manhattan, was previously known as Victor Homes. Its condominium developments in Manhattan include the Charles and the Lumiere, and its current projects include 281 Fifth Avenue and the Getty, at 239 10th Avenue.
Interview conducted and condensed by
Q. How would you describe your main duties and responsibilities at the company?
A. First of all, the decision making of what you do. The strategy of where we work — what site we buy, what kinds of buildings we build — then, of course, the financing and the design. So the main things are decision making, financing and design.
Q. Your son Asaf Shuster also works with you as a vice president of business development. Are you priming him to eventually take over the business?
A. Yes. He came here only two years ago, relocated from Israel.
Q. Do you have plans to retire anytime soon?
A. Sometime. I don’t know. I’m only 71.
Q. How big is the company’s portfolio right now?
A. We have three residential developments. All condos, all in Manhattan. And we have an office park in Wall, N.J.
Q. Do you live in New York?
A. I split my time between Israel and New York — I live on 57th Street, the Metropolitan Tower.
Q. So how is business?
A. 2015 was a good year, and I believe it will continue like this.
Q. Let’s talk about some of your current projects, starting with 281 Fifth Avenue, a condominium tower you’re developing with Lend Lease.
A. We are in demolition now. We start the foundation in February.
Most of the units will be between $2 million and $5 million; most will be one and two bedrooms. We’ll have retail on the first and second floors.