. . . another unflattering article about Swig, Amsterdam Ave strike one, 25 Broad strike two, Sheffield57 strike three and a home run blunder in San Francisco, when the bank took the property away from Swig! What next?

Where's the Swig shill now? Thought you said that he made $400M from this project - seems you might have the $400M number right but perhaps you missed the negative sign in front.

He's getting what he deserves - he's worth more money than he'll ever spend - why did he have to kick 348 families out of their homes to make even more money? His office buildings has been a home run he should stick with them - stay away from residential Mr. Swig - considering you own so much stuff near Wall St. you should have known the saying 'Bulls make money, Bears make money, but pigs get slaughtered." You were greedy, you forced people to move from their homes, and you lost millions in the process. If you ask me, you got what you deserve on this one.

i wonder if a small developer can get a meeting with Cuomo himself if their deal was in trouble

Swig kicked 1000 people!! out of their apartments in the Sheffield..only 23 stayed and he is still suing them to leave..even though there was a landmark decision by a judge to use the
Martin Act for them to stay. This is now the law..too bad the tenants in 25 Broad did not use this.

Good for Kent to get this building back on track. I think the $400 million profit is on the Sheffield57, not this one. The Sheffield is still a home run deal - good for him. Nice guy.

The Sheffield is not a "strike", it is probably one of the top 2-3 most profitable developments in NYC history (the sheer number of apartments multiplied by the prices they are getting is huge). I think 25 Broad will be fine - Swig knows what he is doing.

No one was kicked out of the their apartments - their lease ended, and it was not renewed. No one leases an apartment with an expectation to stay there forever. Just like a landlord cannot get upset if a tenant does not renew their lease - tenants have the same deal. the pendulum swings both ways.

Swig kicked 1000 people!! out of their apartments in the Sheffield..this not only devestated a vibrant building, but damaged an entire neighborhood, restaurants, retail, everything suffered...only 23 brave market rate tenants stayed,(together with about 80 rent stabies)
and he is still suing them to leave..even though there was a landmark decision by a Judge to use the
Martin Act for them to stay. This is now the law..too bad the tenants in 25 Broad did not use this, but now everyone can!

if they dont renew your lease you are effectively kicked out .
ALthough if Swig would have let people stay and dont bother with the extensive renovations, give some a small discount then make the others leave he probably would have made a decent profit.
instead he got greedy.
see what happens .
BTW other people in landmark ditricts cant even change their windows and this guy gets a building de landmarked ; who did he pay off for that ????

No one was kicked out, their leases expired and they left. I think the building/neighborhood is better off with a new luxury building with big family apartments - good for Kent and Swig Equities. The entire neighborhood will be better off - development is good. I wouldn't call the holdovers "brave" - breaking the law is not brave - it is foolish and arguably stupid. The "landmark" opinion is under appeal and housing court decisions are not LAW - we will see what happens when the appeal is released, won't we?

Swig's "greed" on the Sheffield is going to get him a hundred million dollar profit. Can't fault the man for that.

yes everything would be fine..if there were enough schools to house all of the children in the "family" apartments...

It's amazing how you shill - seriously - amazing.
We know all of the pro Swig comments come from one guy. Swig kicked families out of 25 Broad - the Martin Act protects ALL tenants - even tenants with market rate leases. He even kicked one lady out who was 8 months pregnant - despite her pleas to get an extension for a couple of months he said no and forced a pregnant woman to move for no reason - her apartment is still vacant 2 years later.

The banks are going to take back this property and it will be converted back to a rental.

As for the Sheffield - they've only sold 1/3 of all the units, a 7A administrator might be put in place and RE prices are falling - how can having 500 units to sell in this market be considered such a success - when/if he sells them then we'll see if he's made some money. My guess is that interest expense is going to win in this battle of profitability.

Rumor has it that the de-landmarking of the building was a prearranged agreement before the building was even purchased. The seller's wife is the president of Community Board 1. Perhaps their was a sweetheart deal here and perhaps that's why Swig's bid was $30M more than the next closest offer.

Swig is one of the smartest people I have ever met around the conference table. He is disarming. Charming. Incredibly competent and one of the best deal makers I've seen in the business in 25 years. He will certainly have his ups and downs, like the rest of us, but he will surely be on top.

The anti-Swig shill is remarkable. Almost comical. Sheffield has sold half the units at killer prices, a 7A administrator will be put in place when hell freezes oveer (seriously, what idiot really thinks this is going to happen). It is simple math - if your breakeven is like800 a foot, the dude is going to make a killing. There is probably one guy, sitting in his dark closet typing this negative shit prayaing for a buyout. Pathetic. Comical, but pathetic.

Those who can, do. Those who can't, post on real estate blogs.

I'm sure the investors at 25 Broad started getting heartburn the minute they saw the ugliest purple carpet that Kent let his wife pick out for the lobby of the building. The project would have been a lot more successful if they had hired a decent designer for the apartments. People walk in that building all the time and once they see the odd finishes in the apartments they walk right out. Shame because the layouts in that building are some of the best I have ever seen. I have followed this project from day one and every decision has been a mistake, on every level.

The apartments and finishes at 25 Broad are beautiful, this building is sure to come out on top. Definitely some folks with an agenda posting here -

Odd finishes? Bosche? Miele? Varenna? Waterworks? What's so odd about that?

25 Broad is not selling better or worse than any other conversion in the financial district. 225 Rector has sold like 3 units. Not sure why all the haters are here.

25 Broad is not selling better or worse than any other conversion in the financial district. 225 Rector has sold like 3 units. Not sure why all the haters are here.

"Never mistake a single defeat for a final defeat." F.Scott Fitzgerald.

To the shill for Swig. Did you read the above article? You've been shilling for 25 Broad, but it's clear your comments have been lies. Read the above again - you're wrong. The project is terrible. THEY'VE GOT NO UNITS IN CONTRACT AFTER 3 YEARS, and 2 of those years were part of the hottest real estate market in the history. I'll repeat THEY'VE GOT NO UNITS IN CONTRACT AFTER 3 YEARS.

The plan is being swapped, let's see how they do with the existing purchasers do with resigning. I bet 99 percent of them will resign. You are totally making a statement out of context.

If you say they have no contracts after 2 years, will you give them credit when they "sign" 50 contracts next week and call it the hottest development in the City? That's what was meant by saying it is out of context.

If you say they have no contracts after 2 years, will you give them credit when they "sign" 50 contracts next week and call it the hottest development in the City? That's what was meant by saying it is out of context.

hey #13 inquiring minds want to know -- how did that go down I know her and her husband got a penthouse out of the deal -- Just How Did That Happen! Getting a building declassified?

If you say they have no contracts after 2 years, will you give them credit when they "sign" 50 contracts next week and call it the hottest development in the City? That's what was meant by saying it is out of context.

Buyers asked for their money back, via lawyers..people were told to vacate (13 condo families) and some are now living in hotels? Who could be happy about that? Now that does sound like a PR nite-mare, and a disgrace. This is really terrible, and it is ruining people's lives.

If you say they have no contracts after 2 years, will you give them credit when they "sign" 50 contracts next week and call it the hottest development in the City? That's what was meant by saying it is out of context.

I would hardly say that going to a hotel room for 2 nights is "ruining" peoples lives. Could you be more dramtic?

Kent Swig is just another developer trying to sell in a Finance District market where even before the recent market turmoil there was a huge inventory of new product on the shelves or waiting in the wings compared to existing inventory for re-sale. The Finance District is finally attracting retail, but Fifth Avenue (Pink, Tiffany's, etc.), is not what a would be residential district needs. Whole Foods and farmers markets should have been funded by the developers down here as 'loss leaders.' Instead all we got was another mediocre "B" line supermarket at the Gold. The glossy Rolling Stone sized publications put out to promote developments like 20 Pine (SHVO) cost hundreds of thousands. All that glitz did nothing except for the egomaniacs whose names were plastered all over it. If they had developed the retail properly, they would be looking at their sold apartments in the rear view mirror.
'
As for 25 Broad getting out of the way of the 'iceberg' (the debt owed to the troubled Lehman Bros.); it's hard to turn an ocean liner. Beaver House, 20 Pine, Rector Place, the list of condos in trouble down here includes a lot more than 25 Broad.

The more that the 'rental' option is resorted to, the more rents will soften, and the lower the multiple supports for the underlying comps propping up the appraisals. The negative impact of the credit market on the capital development behind the MTA and Port Authority funded projects in Lower Manhattan will also weigh down the bough.

As for the negative Swig postings, for sure that is coming from someone at the Sheffield. The personal animosity there was almost certainly fueled by stunts like the marching band. Moral: in NYC real estate, it's almost always to be humble and low key like Howard Rubenstein and not get provoked.

"if you say they have no contracts after 2 years, will you give them credit when they "sign" 50 contracts next week and call it the hottest development in the City?"

First, I said they have no signed contracts after THREE years. And they won't sign 50 contracts this week (unless they sell them at sub $1,000/sq ft numbers -which is a possibility just so they can get the first 15% sold).

Even if they do sign 50 contracts - that would be 1/7th of the total units in 3 years, giving them a sell out pace of 21 years. (And remember 2 of these 3 years were part of the hottest real estate market in history).

What a debacle.

Uh, if all the sxisting contracts sign up, then they will sign 50 contracts in a week. Good for Swiggy.

They are tearing off a wing of 25 Broad St - Swig's failed condo conversion - and going to transfer the air rights to 45 Broad to allow them to build 45 Broad taller. (although it may better be said that they WERE going to tear down a wing, as the demolition has been halted for some time for a yet unkown reason)

Remember this is the deal that Julie Menin's (CB1's president) husband sold to Swig most likely with the backdoor deal that Menin would ensure that the destruction of 25 Broad would receive approval from the CB. The Menin's were also promised the right to buy the penthouse which is a clear violation of the Martin Act.

Still though the conversion of 25 Broad has been a miserable failure. Nearly 3 years after it began ALL of the rental tenants were forced to move and only about 15 of the buyers have moved in - but they've had to move in as renters because they can't close on the units yet.
Blame the failed conversion on unreasonable prices, but more importantly terrible design. Why they tried to convert a classic bank with an amazing lobby into some Vegas nightclub for Eurotrash is beyond me - and their lack of success has proven us all right.

Too bad too, because if the deal had been a success maybe Swiggy could have loaned some money to his father-in-law Harry Macklowe.

. . .for it to be a success you would need class. and even kent cant' buy that.

Go Sheffield tenabts! We may not have class, but we sure can post on real estate blogs!!!

Go Sheffield tenabts! We may not have class, but we sure can post on real estate blogs!!!

I love the armchair quarterbacks who think they have standing to question a man's character and class despite the fact they have never met him. They envy him, so they anonymously attack. Show me a man who equals kent swig's passion, intelligence and commitment to quality and I will show you a succesful real estate developer. Kent swig is a brillant man, the anonymous attackers are attacking him for doing something legal, in accordance with all laws and city code. Shame on them.

Swig's attackers are jelous of his address, his pocketbook, his wife, perhaps his looks. The real estate world doesn't give creedence to uneducated attacks - certainly the 300 buyers at the Sheffield couldn't care less. The Sheffield has probably been helped by all this publicity - it is truly the deal of a lifetime for Swig, he his accomplishments in such a beautiful building is quite remarkable. It is one of the most profitable conversions ever.

"the anonymous attackers are attacking" #39 you should me yours and I'll show you mine!

I agree with #40. Swiggy is not only smart, he is darned good looking. When I look at him I touch myself.

#40 - how can a building that has only sold 1/3 of it's units after FOUR YEARS be considered a success. What a joke.
Plus remember 3 of those 4 years were during the hottest real estate markets in history.

The marching band incident proves that Swig is not brilliant and that he HAS NO CLASS. He might be rich - but his families' money can't buy him class.
There is nothing classy about buying residential buildings with the business model of not renewing leases and forcing everyone to move so you can make even more money that you'll never need.
A classy guy would never have bought the Sheffield nor 25 Broad.

I think that these anti-Swig posters are a joke. It is so obvious that they have an agenda - no one can legitimately attack this man's "class" by virtue of a business model followed by every other developer in the City - Related, Vornado, SL Green, Forest City - this is common practice, these idiots just think they have something coming to them.

By the way - the marching band WAS brilliant and paid for a couple of deserving kids to go to college. Looks like Kent will ge the last laugh on this one. Good for him for all his successes - in business and in life.

The Sheffield went to market 18 months ago and has sold almost 500 "units" out of the original 845. That's sales velocity that would make any developer in the City very enviable. Look at the sheer volume they were able to sell - it is really a home run project - anyone who says differently really doesn't know anything about real estate and is just chirping from the sidelines.

I would have to agree with the post that said the choice of renewing a lease swings both ways. I used to live in 333 Rector and my lease was not renewed because the building was sold. It would have been nice to be offered a chance to buy at an insiders price but that was not offered by the developer. The developer is probably kicking themselves now as the market has dropped since 2007 but that's business.
On another note I have a rental property that I own uptown where I depend on the tenant to pay the rent to cover some of the cost of my mortgage. The tenant is not renewing the lease, so a tenant or landlords rights do swing both ways
It's just business and you take the good with the bad.

Witnessing first hand the developments at 25 Broad Street, the only reasonable conclusion one can make is this-this conversion is an absolute debacle. What the sponsor is doing to the few poor shmucks who originally signed contracts is nothing less than a tragedy. You get a different story every day. Andrew Cuomo, do the right thing.

A crane collapse is a tragedy.

An infant getting hit by a car is a tragedy.

A plague is a tragedy.

As a very happy 25 Broad tenant, moving into a really nice hotel for a weekend is not a tragedy. The building staff/management have been very responsive throughout this whole process, and it is not a big deal at all. Come by the building - it looks good and from what I can tell, most to all of the interim tenants are very happy.

#49 - Sure they're overjoyed - they love being lied too - they love the dust - they love the noise - the love the crap and piss the construction workers leave in buckets - love it - just love it.

Hey shill for Swig - reread the above article - Swig is no genius (this just in) and his project at 25 Broad St sucks.

I knew what I was getting into when I signed up for new construction... this is my third new construction apartment, and I must say the quality of the construction is better than my first two apartments. I don't know if Swig is brilliant, but I met him, and he couldn't have been nicer or down to earth. I walked away very impressed. The construction is not so bad - it's all complete anyway.

#52 - It's not "all complete" - PLEASE - THEY ARE GOING TO TEAR OFF A WING OF YOUR BUILDING WHILE YOU LIVE THERE!!!
Do you really want to live in a building where they tear down part of the place with occupants inside? Bet that will help the resell value. I'd be shocked if any bank would even make a loan to you. If the banks knew of the proposed tear down they would be crazy to lend to you. Be prepared to close all cash and be prepared to live in a dusty construction zone for a few more years.

The banks know, it is really not an issue - it is simple construction and the Wing is totally disconnected from the main building. The Wing is a different part of the building, and it is simple, easy construction to tear it down - but I am glad that you seem so concerned. It is really simple actually. The mortgage banks actually think it will HELP resell value (as it improves light and air) - and the building is already approved (so I guess you are SHOCKED). And the demolition will only take 60 days, so no big deal.

It is amazing to me how demonized developers are. Kent Swig never kicked anybody out of an apartment. All he did was choose not to renew leases, which as a property rights proponent, I see nothing wrong with. There were dozens of rent stabilized and rent controlled apartments in the Sheffield and those occupants had every right to stay and most did. At 25 Broad St there were no rent controlled/stabilized apartments so what's the problem...just like you have the choice not to renew your lease, the landlord has the same right.

#55 - You're wrong - read the laws - in NYC a landlord does not have the right to not renew a market rate lease during a condo conversion - market rate tenants are afforded the right of renewal - market rate renters have property rights in NYC. Sad but true.

How did the contract signings go this week at 25 Broad? Looks like Lehman Brothers will take back the building soon? the problem is they may go bankrupt soon - so I guess whoever is in 1st position on Lehman's debt may own 25 Broad. Sounds like a building I want to make my largest investment in - I think I'll buy a unit tomorrow.

PS - "the deconstruction will only take 60 days" - this coming from a company that said in Feb 07 that they would be closing on finished units in May 07 - oops.

Finally - how are "not renewing leases" and "kicking people out" different? Especially during a condo conversion when all tenants have the rights of renewal?

Market renters do NOT have property rights - read the legislature and remember that housing court does not have power over supreme court of new york. read the laws.

i heard 25 broad did sign 50 contracts - unbelievable they got the AG to approve a new plan 2 weeks after withdrawing the old one. Media reports notwithstanding, this is still a good deal and Swig will make some good $$$. This might upset some of the Sheffield tenants but c'est la vie.

not renewing leases is simply a landlord's right. Just like when my rent went up from $3,500 to $4,200 a month, I, as a tenant, had the right to renew or not. The landlord has that same right - you don't "own" anything when you are a renter - you have the right to be there during the term of your lease - that's it. ALL tenants do NOT have the right of renewal - even the Penhurst decision doesn't come close to that (and it is under appeal in a real court). Silly, silly, silly post.

Any actual purchasers on this blog? I'm on the fence as to if I should resign. I don't need any opinions on character or decor please. I just want to know what other purchasers are thinking at this point, besides the obvious frustrations, etc etc. Everything else considered, I still love the building, price, and neighborhood. I'm not concerned about the wing. I think it will eventually be a great place to live and long term investment. It just comes down to timing, as I'm not willing to wait longer than 3 more months to close. Thoughts?

I am pretty confident that they will close in the next 90 days or so... it is in everyone's interest to close, but in their interest most of all. I love the building and price and location - I am happy to wait it out, but I don't think we will have to wait much past labor day.

I think we'll be waiting til Christmas - these guys are idiots - it's too bad they had to buy this beautiful building - I wish I could be buying from someone who knew what they were doing.

So what is the latest?

curious about this building, which was once declared a landmark.
The landmark status was removed..only the 2nd case in the history of the city. Dosen't anyone find this just a little bit suspect? This was done during the Swig purchase.

I visited the building 2 weeks ago. My apartment is complete and the common areas look fantastic. They need to get back 15% of the new contracts signed before they can begin closing. I'm still in my 90 day window and am on the fence. I don't think they will have touble reaching the 15% window, although they said they are raising prices- they feel their value has gone up given the new Nobu hotel they are building next door. I'm more concerned what happens after that. Given the uncertainty of the building, I'm concerned about the type of loan I can get. Also, what happens if they have problems selling after I close? Will they rent?

I will probably continue to wait it out and see where they stand in a few weeks. I would like nothing more than to move forward with more certainty.

The DOB has a stop work order on 25 Broad ST, for not having
the proper safety supervision on the job site.
It may take longer than you think.

I checked with the DOB today and the stop work order is still in effect....Why am I seeing workers on the floors and in the elevators??

Seems like the only ones not working at 25 Broad are the people in the sales office - the new conversion plan was approved in early June - now it's Aug - the apartments are done and in some cases people already live in them - something's not right about all of this - perhaps the answer is that they haven't sold 15% of the units yet - considering how long the units have been for sale this is not a good sign at all.

I wonder if they are contemplating not selling any units and just making the entire building a rental? Any word? I know Swig tried to sell the building back to Menin but Menin told him no. Anyone know if the building is being shopped?

#66 you should call 311 and post a complaint about the workers
with the DOB and the NYC Dept. of Labor.
Swig violated permits all the time at Sheffield 57.
Every day that there is something wrong, you should call.
There is a stop work order for a very good reason, it is deemed
dangerous for the workers and for you!

Aug 22, 2008 The DEP wins case in court for The Sheffield Tenants. Swig was fined $4800. for illegally removing ASBESTOS,
while tenants were still living in there. DOCKET # 500-39875M

#71 SHAME ON YOU...people were exposed to asbestos, and
you choose to leave such a message? What kind of person
are you...

There is no asbestos in popcorn ceilings, this much is 100% clear.

Like I said, docket # 500-39875M..we will post, as
soon as we get a court copy, for the ASBESTOS popcorn
ceiling removal violation... from the DOB Atty, that tried the case. Spin all you want, but the truth will
be shown..all of you are a shameless pack of liars.

The tenants are liars and only seeking a buyout that will never come. Get a job.

a buyout will never come from Swig, because he cannot even finish this building.....it is a FAILURE..this place is a real
junk-yard. Please sell this building to someone who can
finish it!! Can't wait to see the owner's lawsuits....can you?

Yes, I wish my failures were considered by all (except a motivated few) as a smashing success and made me hundreds of millions of dollars.

So, you are saying that there is no more money to be made
on the Sheffield building, and it is going to just stay like this?
Swig gets to make millions, and we are left with an unfinished
building....a real smashing success, are you serious?

The building is a smashing success. I think that once the amenties are finished the tenants will stop posting about blogs and accept that they are not getting bought out.

But, when will it be finished? No pool, no gym, no driveway, the
front garden is a disaster, elevators have current DOB violations.
When is this going to be over? We are all tired of the conditions,
with no planned end in sight.

Construction takes time, no need to fret. From what we can see, the construction is going very well and our clients are VERY happy with their apartments and the building - sales are very strong.

So today is the end of the 90 day deadline for the original buyers at 25 Broad.

To sign or not to sign...easy question-NO WAY!

Swig has screwed up enough...I am certainly not giving him the chance to hold onto my money & do it again.
From what I've heard from the other would-be buyers very few people will be re-signing.

See ya Swig! Why did you have to go and screw up such a nice building??

I resigned my contract today - as has everyone else I know in my same situation. Why wouldn't we sign? The apartments look great, the construction is finished, and now my building is in better shape than before. #81 is clearly disgruntled - Mr. Swig has done nothing but improve on this masterpiece of a building. He made a great building an UNBELIEVABLE place to live - look at the finishes and amenity space!!! I truly believe that when FiDi becomes one of the best neighborhoods in the City, this building will be front and center as the best place to live in FiDi.

Well good luck to you #82. I've talked to a lot of other people in the building and believe me you're one of the few to resign.

I hope 25 Broad does succeed. It is a beautiful building (est 1902 so Swig gets no credit for that) but Swig just insists on screwing it up! Time shall tell, but I'm not waiting around for Swig to let things to go further south.

Construction 'finished'?? Did you forget about the pesky little problem of tearing down the back wing of the building while you are living there?

I've talked to most people in the building, and pretty much everybody I have spoken to is resigning. I don't know what 25 Broad looked like before, but Swig did a WONDERFUL job with this place - it really looks as good as advertised, and I will be proud to call myself an owner of this baby! The demolition of the back wing is not going to impact the rest of the building - it is a non-factor.

The amenity space at 25 Broad is truly the best quality/highest class I have seen... they did a good job there.

Does anyone know what percentage of the units have to be sold before they can close?

15%. They have year to hit that %. I also passed on resigning. The interior looks great but the building was too risky of a project for me. Also, I was unhappy with lenders rates given the uncertainty of the building.

Anybody know when closings will be on 25 broad ?