Swig sells UWS rental buildings
Developer Kent Swig has sold a 134-unit rental complex on the Upper West Side for $61 million, more than a year after failing to build condos atop the two tenement buildings at 201 West 92nd Street.
Eastern Consolidated was hired in November 2007 to find a buyer for the buildings, but they sold for less than their $72 million price tag, according to city records.
Despite Swig's decision to abandon a conversion there, Eastern Consolidated marketed the building as a potential condominium, as the 125,000 square feet of unused air rights would allow seven additional stories of condo development. But the condo market has slowed down significantly, and the buyer, Adorama Inc. affiliate 92nd Street Equities, apparently intends to operate the buildings as rental properties.
"To my knowledge they will continue to operate it as a rental building," said Steven Holm, attorney for the buyer. "Over the last 12 months the market in New York has changed."
Swig was not immediately available for comment.
After buying the property for $54 million in 2005, the Department of Buildings granted permission for Swig to build a nine-story condominium atop the two six-story pre-war buildings. However, the deal created a firestorm among tenants, politicians and community activists, who forced the city to withdraw the approval and demanded changes for any new deal.
The property, built in 1922, has 68 one-bedroom units, 56 two-bedrooms and 10 three bedrooms. Swig initially listed it with brokerage Massey Knakal for $90 million last year.
The sale is one of several recent setbacks for Swig, who is being sued by tenants at the Sheffield57, who are demanding the city take over the converted condominium because of alleged harassment and maintenance problems.
Meanwhile, the condo conversion plan at 25 Broad Street was placed into question last month after the plan stalled and prospective buyers were forced to shack up in a luxury hotel after Swig failed to delivery the minimum number of buyers.
The news follows Extell's $44 million sale of a six-story pre-war building on the Upper West Side that it had planned to convert to condos.

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Comments
Anonymous
this property was never listed for 90 million
Comment #1 Posted By: Anonymous 07/03/08
Anonymous
The 7A lawsuit by the Sheffield tenants is a desparate hail ma3y in a last-ditch attempt to get the Sponsor to pay them some money. They dramtically over-calculated their bargaining position against Swig - filing a baseless 7A complaint that has zero chance of suceeding is a real waste of our judicial resources, and a waste of our tax dollars - sad and pathetic.
Comment #2 Posted By: Anonymous 07/03/08
Anonymous
Sheffield Tenants Association rocks!!!!!
Comment #3 Posted By: Anonymous 07/03/08
Anonymous
we wish he would give us money....he has none! he owes contractors, lawyers. he is here trying to handle the banks every week. as for the 7A.....my tax dollars at work.
Comment #4 Posted By: Anonymous 07/03/08
Anonymous
Happy 4th of July!!...the Sheffield 7A proceeding is adjourned by the judge until August 26th with the LIEN on the building by the Tenants Association still intact! This should prove to be interesting..and all of you Swig shilies, will
be lucky to have a job..but the tenants will remain in the building rent stabies and all.
Comment #5 Posted By: Anonymous 07/03/08
Anonymous
For the love of G-d, there is no lien. It is a LIS PENDENCE - any schmuck with a pen and a pad of paper can file a lis pendence. This will not prove interesting - it is a desperate ploy by a sad pathetic group with nary a dollar, but still a dream... keep dreaming and paying those lawyers! Good luck with that!
Comment #6 Posted By: Anonymous 07/03/08
Anonymous
The rent stablized tenants may stay in the building, if they are legal, but the holdover illegals surely will not be able to afford the $8,000 a month market rate rents that are coming their way. This was a no-win situation for the holdovers from the day they refused to vacate their apartment when their lease ended.
Comment #7 Posted By: Anonymous 07/03/08
Anonymous
oh a swig article! quick everybody get upset!
Comment #8 Posted By: Anonymous 07/03/08
Anonymous
It amazes me the amount of shilling for Swig that occurs on this website. Nearly no story has comments on this site - yet every story mentioning Swig is full of comments.
Hey Swig shill(s) - tenants will not have to $8K per month - you know that - wait until the courts rule than an "unconscionable" increase would be anything more than the rent stabilized increases created each year by the RGB.
Reread the above article - Swig's residential buildings are sucking it!!!! He should have found a better way to make money - one that didn't require over 1,000 families to move from their homes. "Pigs get slaughtered" -- "Karma's a bitch" you get the idea.
Comment #9 Posted By: Anonymous 07/03/08
Anonymous
plenty of articles get comments on this thing , they just got comments like 2 seconds ago , stop being so anti swig , SWIG ROCKS! HE WILL SURF ON YOU
Comment #10 Posted By: Anonymous 07/03/08
Anonymous
"Unconscionable" increases means market rents. That's the law. If the Penhurst ruling is upheld (a long shot), rents for these tenants will go between roughly $6,000 and $10,000 a momth. If it gets overruled (likely) - watch out. I wouldn't be surprised to see $10000+ a month which mea,s that these holdovers will pay not only Swig's legal fees (pennies for Swig, but real cash for anyone else) but also pay unbelievable rents. But even if it upheld, these tenants are drealing if they think that any judge (even a housing judge) will tie the increases to rent stablization tenants. Its simply the way it is.
And from what I know, Swig is going to mae $200 million on Sheffield easy.
Comment #11 Posted By: Anonymous 07/03/08
Campbell
Re comment #0 above. You are wrong. I have a copy of the Massey Knakal offering sheet from October 2006 asking $90 million. By October 2007, the price had dropped to $72 million.
Comment #12 Posted By: Campbell 07/04/08
Anonymous
6,000...10,000? get real. finished apts in the building are being offered at 3200-3500 a month, by owners and the sponsor. go on craigslist and have a look.
offered at no fee....guess who is paying the fee. maybe you can get one yourself
Comment #13 Posted By: Anonymous 07/04/08
Anonymous
Yes # 5 we know what a lis pendence is...it puts banks and potential buyers on notice that there is an interest in the property via a lawsuit. In other words, it is seen on a title search...If it is not interesting.. then why are the banks here, and in the courtroom with us?
Comment #14 Posted By: Anonymous 07/04/08
Anonymous
the Sheffield is still a dump, when will this place ever get finished? We think it will never be done..and maybe that was the point all along. Why would anyone want to buy in here when the real tax abatement of this property is long gone. There is only a 2 year abatement on a conversion..there is plenty of other inventory out there that is NEW, with air-conditioned elevators and hallways, which the Sheffield does not have!
Comment #15 Posted By: Anonymous 07/04/08
Anonymous
Comments #12-14 - Get a life of your own you pathetic loser. You should be ashamed.
Comment #16 Posted By: Anonymous 07/04/08
Anonymous
The lis pendence is a joke. It has no bearing on anything whatsoever - it comes up on a title search, but has no impact on the title policy. So what? What good is that? A lis pendence and a subway token will get you anywhere you want to go in the City. These uneducated tenants are getting taken advantage of by their own attorneys - imagine paying so much in legal fees for a pointless and useless court case! Pathetic is right!!!
Comment #17 Posted By: Anonymous 07/04/08
Anonymous
at least the tenants are paying their legal fees:)
Comment #18 Posted By: Anonymous 07/04/08
Anonymous
#10 - LIAR - there are no legal decisions regarding "unconscionable" rents - they clearly do not mean market rate -if market rate was intended then the law would say such - the Martin Act was written to give market rate renters protection in a condo conversion - the point of the Act is to protect tenants - if a rent increase of 100% or more is not "unconscionable" then what it?
From what I know Swig will lose $200M on the Sheffield easy.
Comment #19 Posted By: Anonymous 07/04/08
Laquanda
Hi, silly gooses, I have just heard that THE SHEFFIELD57 is in foreclosure. Is it true or or is it just a Grimm fairy tale?
Comment #20 Posted By: Laquanda 07/04/08
Anonymous
I am a former Sheffield tenant and the tenants association is desparate - they don't know which way is up and they certainly are being led by a blind captain who can't tell their ass from their elbow. They make up lies about the sponsor to gived themselves comfort but the TRUTH is that the tenants assciation is in trouble because lots of them (like me) were sick of paying legal fees with no return whatsoever. We have achieved nothing since this conversion started, and our dreams of a big pay day are DEAD.
Comment #21 Posted By: Anonymous 07/04/08
Anonymous
Number 17-19 - you fool. A market rate is not unconsionable. Good luck with your rental payments fools.
Comment #22 Posted By: Anonymous 07/04/08
Anonymous
good i hope he loses all his property he is a snob!!!
Comment #23 Posted By: Anonymous 07/04/08
Anonymous
He is a mogul. Sorry for you and your ridiculous dreams. You must be a holdover lookimg for an undeserved buyout. How lame of you to be so greedy and so unable to make you own wealth. Must be so painful for you to get through your life. Best of luck to you.
Comment #24 Posted By: Anonymous 07/04/08
Anonymous
He is a mogul. Sorry for you and your ridiculous dreams. You must be a holdover lookimg for an undeserved buyout. How lame of you to be so greedy and so unable to make you own wealth. Must be so painful for you to get through your life. Best of luck to you.
Comment #25 Posted By: Anonymous 07/04/08
Anonymous
It is not the "hold-over" tenants that caused all the trouble in the Sheffield 57...the rent stabies did their share as well..rent stabies throw some more jabs...I think we have quite a few left! We want Swig and his minions out of this building. Exit plan?
Comment #26 Posted By: Anonymous 07/04/08
Anonymous
If a tree falls in the forest and no one hears it, does it make a sound? If a tenant is convinced that they actually caused "trouble", and it has absolutely no impact on anything, then have they really accomplished anything? I think the exit plan is making $200,000,000 and exiting to the nearest bank. Ha!
Comment #27 Posted By: Anonymous 07/05/08
Anonymous
I am a Sheffield rent stabie and I must say that comment #26 is dead-on. And I, for one, and not going to contribute anymore to our do-nothing legal team.
Comment #28 Posted By: Anonymous 07/05/08
Anonymous
I am a Sheffield rent stabie and I must say that comment #26 is dead-on. And I, for one, and not going to contribute anymore to our do-nothing legal team.
Comment #29 Posted By: Anonymous 07/05/08
Anonymous
thanks 27 and 28...let us know who you are and we will gladly remove you from the lawsuits
Comment #30 Posted By: Anonymous 07/05/08
Anonymous
I am a Sheffield rent stabie and I must say that comment #26 is dead-on. And I, for one, and not going to contribute anymore to our do-nothing legal team.
Comment #31 Posted By: Anonymous 07/05/08
Laquanda
I am a former Sheffield tenant and the tenants association is desperate - they don't know which way is up and they certainly are being led by a blind captain who can't tell their ass from their elbow. They make up lies about the sponsor to give themselves comfort but the TRUTH is that the tenants association is in trouble because lots of them (like me) were sick of paying legal fees with no return whatsoever. We have achieved nothing since this conversion started, and our dreams of a big pay day are DEAD.
Hello silly goose, #20 and former Sheffield tenant, just like me, so I took the liberty of correcting your spelling errors -- who is the blind captain? Is his name Pugh, by happen stance? Dream on sweetie you got off the treasure island too soon didn't you, a little premature evacuation, perhaps.
Comment #32 Posted By: Laquanda 07/05/08
Anonymous
How can anyone say that the tenant association hasn't accomplished anything - what a joke. Clearly written by a Swig shill. No return on the legal fees... foolish comment.
This tenant association is winning monumental legal decisions that will protect tenants for generations to come.
Comment #33 Posted By: Anonymous 07/06/08
Anonymous
#32, how laughable!!! This is a do-nothing tenants association that has accomplished NOTHING!!! You should rename yourselves the Sheffield Do-Nothing Association. Penhurst might have delayed things, and cost YOU more money, but the result will be the same. To my knowledge, other than Penhurst, this TA is functionally useless and does not compare to the other well-regarded tenants association in the City, which actually has real, intelligent members, and sees it numbers GROW (not drop!!) on a monthly basis. To be completely fair, I bet the publicity from the SDNA has probably helped Swig accomplish the sales in the building that he has achieved. I didn't think this project would be a winner in a good economy, the FACT that it is still a homerun in this economy is quite an accomplishment.
Comment #34 Posted By: Anonymous 07/06/08
Anonymous
Sheffield Tenants Association..helped bring a bill to the city to prevent changing the numbering system of floors of buildings, as was done here. The FDNY and DHCR still do not know where anyone really is in this structure, because the sponsor never notified them, and this change is not on city records. This will not be done in any other building.
Sheffield Tenants Association, caused the building to be re-filed as an asbestos project. Any idiot would know that a vintage 1970s bldg. would have asbestos products. This will have to be answered for in court.
The Sheffield Tenants Association has the first 7A
proceeding being heard in the history of the city, on a
condo-conversion. Congrats on turning this building into a slum and an illegal hotel, again.
Anyone can look up a lis pendence, as see it is a type of lien..done when a building is in danger of foreclosure. The Tenants Association did this too.
We also have the first 7A that will involve the DOB, and all of the inspection records.
Everyone knows that the Sheffield is a public relations
nitemare...I think we have caused plenty of trouble.
Comment #35 Posted By: Anonymous 07/06/08
Anonymous
How funny! Your do-nothing "accomplishments" are filled with your own ignorance. Floor renumbering? Who cares? The Sheffield renumbering was approved by the NYPD and FDNY. And the bill has not, and probably will not, be passed. BRINGING a 7A proceeding is not the same as WINNING a 7A proceeding. It doesn't mean anything except, well, it has no impact on anything. Stay quiet until you actually win - any DIMWIT can bring a 7A proceeding against anyone - hope your attorney isn't sanctioned (and YOU will pay for the penalty). FILING a lis pendence means NOTHING. Fully 75% of buildings have lis pendence of one type or another - there is a reason that it has no impact on title or closings - no one cares. Any fool with a pen and piece of paper can file a lis pendence - look at the LAW. You fools could lis pendence the White House.
It's so funny so see adults feel so strongly about something, and invest so much time, effort and MONEY, but only to have no one else care. There is a reason that I stopped donating money to your useless do-nothing campaign. You spent all of my money on legal fees and accomplished NOTHING.
If you have caused so much trouble, why are sales and price per square foot going so well?
Long Live the Sheffeild Do-Nothing Association!
Comment #36 Posted By: Anonymous 07/06/08
Anonymous
It doesn't matter if our legal action works or not - what you don't understand is that we are filing all of these lawsuits to make Swig give up and PAY us money to either leave the building or stop our legal action. If we create trouble, Swig will pay us to give up our leases - it doesn't matter what the LAW says, the BUSINESS WORLD will pay us even if we have no legal standing. We don't care if the legal cases WORK - we just want to get paid and Swig will eventually pay us. Swig will PAY and I will be rich!
Comment #37 Posted By: Anonymous 07/06/08
Laquanda
For #34. You sound like Tinker Bell, baby you are good and you did do all that -- I Laquanda know its the truth baby, and Mr. Swig is a fool and a terrible business person, he's a boy from a good family but he's a bad seed. He's put himself in a big trouble. What goes around comes around baby, but everything is so f'ed up in the market and it hasn't finished yet -- there is another big beauty coming down the pike they say around 67 Trillion that's the big one and a kick that will equal the force of the WTC -- a really big one and the sad part is that the country might not survive as we know it -- they are practically giving the country away -- know what I mean, our infrastructure is ready to cave in, we might have to sell it wholesale instead of the way they are doing it now bit by bit -- from a surplus to a fire sale in eight years. Now that is some record -- peace friends -- play nice!
Comment #38 Posted By: Laquanda 07/06/08
Anonymous
# 35 since you seems to know everything..want to tell us when there will be air-conditioned hallways? It is very hot and humid, with no air moving at all, I think it is close to 90 degrees....what kind of a
luxury building is this, anyway? Are we ever going to get any air up here in the hallways or elevators? The carpet and wallpaper is up..but we cannot breathe, this is really a disgrace. Are you planning to leave the building like this?
Comment #39 Posted By: Anonymous 07/06/08
Anonymous
#36, you give the Sheffield Tenants Association a bad name! Your just as greedy (or more) as anyone.
Comment #40 Posted By: Anonymous 07/06/08
Anonymous
how laughable, you are all such fools..we do not care if there is air in the public corridors..we do not care about anyone but ourselves and all the money we will make, because we will get rich and leave the Sheffield 57 in any way we please... it is just our cash cow after all..owners and tenants can go to hell, for all we care! We just care about MONEY MONEY and more MONEY, we told you that before, and isn't that all anyone cares about?
Comment #41 Posted By: Anonymous 07/06/08
Anonymous
The sad thing is, Post #40 was probably written by a Sheffield tenant "pretending" to be the Sheffield developer - the reality, however, is that it is the Sheffield TENANTS who encapsulate the greed and other deadly sins (wrath, envy) - these tenants truly believe that their tenancy will enable them to finally have money/liquidity/freedom. I should know, I was one of them - and the remaining Sheffield tenant's greed has no bounds, their self-entitlement has no ceiling, and their desire to lie/cheat/steal and abuse the legal system until they get paid is unlimited. I had to leave the building because I felt that my neighbors were poisoning my family due to their schemeing to concoct lies to pressure Swig to pay. I am much healthier and happier being away from those people, and I understand that Swig is winning one legal decision after another and my former neighbor's legal funds are finally dwindling - I am not a pro-Landlord - but these tenants are really bad people, and deserve to lose and pay all of Swig's legal fees.
Comment #42 Posted By: Anonymous 07/06/08
Anonymous
Regardless of what any Swig shill says - the Sheffield is a failure - sure they've sold some unit - but they were selling in the best real estate market in the history of NYC - now they've got hundreds of unsold units and are months (nearly correct to say years) behind schedule. The tenant's association has been very successful in causing delays and making Swig's life miserable. The amount of money they may end up paying on legal fees is so nominal in the grand scheme of things. And the Pennhurst decision is clearly a monumental win for tenants throughout the city.
With slow sales, increases in construction materials, and long construction delays the Sheffield adds up to a project that is WAY BEHIND SCHEDULE AND WAY OVER BUDGET.
Comment #43 Posted By: Anonymous 07/06/08
Anonymous
A new building in Manhattan that is a condo can have up to a ten year tax abatement given to new owners. A condo conversion from a rental bldg. has only a two year tax abatement. There is alot of inventory of NEW condo units
in NYC right now, and the buildings are completely finished. People are not stupid, the Sheffield is far
from finished on the inside, and is a filthy mess on the outside. No wonder the Banks are here every week!
Comment #44 Posted By: Anonymous 07/06/08
Anonymous
I have to address the stupidity of the last 2 comments.
Number 1 - the Sheffield is one of the most wildly successful and profitable condo conversions in NYC history. It seems that the only people that don't know this are the stablized/holdover tenants who live there. Sheffield has been outselling the market - and in particular since they released the desirable high-floor units. From what I know, the Tenants Association has tried very hard but, for better or worse, had no effect on sales in this building, as sales are strong, and are selling at some of the highest non-15 CPW/TMC apartments in the entire City. And they only have the best units left. The building had 800+ units - even in the best economy this building would take a long time to sell out. The fact that they are selling and recording sales at increasing values since the project's inception speaks very highly for this project. It is a winner. #42 could not have any basis for knowing the proforma under which the project was underwritten - it is simply more biased analysis from a clearly frustrated tenants association.
Number 2 - As all of us real estate professionals know, NEW construction gets hit with a MUCH higher taxable value than a conversion. So new construction apartments WILL have an abatement, however that abatement is juxtoposed against a much higher taxable value. Thus, the Sheffield taxes (and any conversion of an existing building) will have a much better long term value tax-wise than new construction, which will have an abatement but, at the end of the abatement, significantly higher taxes. This is common knowledge in the industry.
Number 3 - Banks always tour projects - particularly in securitized deals. It is part of the normal monitoring of a project's financing.
Comment #45 Posted By: Anonymous 07/06/08
Anonymous
In the landlord-tenant community, the Sheffield Tenants Association is knows as relatively desparate, vocal, but uneducated in terms of what their rights are. They like to self-promote, but the reality is they are accomplishing very little. The rumor is that this tenants association is close to bankrupt and under a lot of pressure from their under-funded attorneys. There is also a lot of dissent from the members about how to proceed - some want to give up the fight, while others are willing to mortgage their life savings to continue the attack (although it is akin to taking a knief to a gun fight).
Comment #46 Posted By: Anonymous 07/06/08
Anonymous
BULLETIN...BULLETIN...BULLETIN...Construction for phase 2 upper floors has stopped...Swig is out of money for this project and the bank "ain't" giving him anymore money...Contractors are leaving one after the other for lack of payment by Swig..Such a shame...See you around shillies...Now the bank can bring in a real developer to get this "garbage dump" finished...
Comment #47 Posted By: Anonymous 07/07/08
Anonymous
Hey!!!! Where's the driveway???
Comment #48 Posted By: Anonymous 07/07/08
Anonymous
thats right..contractors one by one have been leaving, all saying they were not paid. Upper floors have doors marked with "stop work in here". Anyone can come here to see it is sweltering hot in the hallways, because the air is shut-off or does not work. This project is in Trouble,
and pretty soon everyone will know. There were 350 workers in here every day..and now they are gone, and it is not because the place is finished.
I am sure the shillies will have an answer....
Comment #49 Posted By: Anonymous 07/07/08
Anonymous
The "Swig shillies" always have an answer.They are like trained seals.
Comment #50 Posted By: Anonymous 07/08/08
Anonymous
Were the hallways air conditioned prior to the renovation?
Comment #51 Posted By: Anonymous 07/08/08
Anonymous
It seems that the Tenants Association's goals shifted somewhere along the line - and has devolved into a full-throated effort to discourage condo sales by spreading rumors on blogs. I guess it's an ok tactic if there's not many options left.
Comment #52 Posted By: Anonymous 07/08/08
Anonymous
My lord you tenants are desperate. I was one of you, and you know that greed will poison your soul... why don't you get a real job and stop begging your neighbors for more money money money to contribute to your schemes. You are like a rabied skunk - you are so out of control with your lies in the hopes of a big payday for what? Because you have a lease? You should be ashamed, and your families should be humuliated because of your greed. You are like Gollum in the Lord of the Rings - pathetically seeking the big payday that you pray is coming to bring your lives salvation. I am so glad I left your group, I refuse to pay into your shame and ineptitude.
What do you do now that your attorneys are requiring more money, and you have none to give as your numbers are drop drop dropping?
The Sheffield Do-Nothing Association! Long Live!
Comment #53 Posted By: Anonymous 07/08/08
Dear Shillies...Swig will be gone soon...So will you!!!
Comment #54 Posted By: 07/08/08
Anonymous
#53 - Will you also throw out the condo owners?
Comment #55 Posted By: Anonymous 07/08/08
Anonymous
Where is the health club???
Comment #56 Posted By: Anonymous 07/08/08
Anonymous
I think the Sheffield Do-Nothing Association will be gone soon... they keep dropping one by one, and keep asking ME to fund more money into the legal fund. Let's see... do I want to spend my money on lawyers who are unsuccessful in EVERYTHING we are trying to do, in the hopes of some big buyout of my lease, or do I want to spend my extra cash on my family, my entertainment, a nice dinner here and there and perhaps a vacation. I am no longer throwing good money after bad - I will not fund the Sheffield Do-Nothing Association any longer! What happens when you lose more and more people who drop out of your sad scheme? How will you pay your mounting legal bills then? I prefer to live and enjoy my life, instead of spreading lies on a blog to somehow affect the sales in a building that I live in (and love). Whoops - another legal bill came in. I will not dip into my pocket this time, go ask other suckers - this one can be paid by you.
Comment #57 Posted By: Anonymous 07/08/08
Anonymous
Dear Schmuck...Get a life!!!
Comment #58 Posted By: Anonymous 07/08/08
Anonymous
i was told that our apartment in sheffield57 would be ready by the middle of October, and that it would be available latest by November. It is now JULY, and I still haven't moved in. The sales office never informed me of these massive delays, and I only found out about them because I called the building when i never heard from them. i liked the building's concept and design, but it seems as though the staff is the most inept group of people imaginable. the location is fabulous: one of the best imaginable, being literally 2 blocks from central park, Carnegie hall, shops at columbus circle, etc. however, the building also claimed that i would be receiving fantastic service from the staff, and to this point i have to honestly say that i've never experienced such unbelievably horrible service in my life, both from the sales team and the construction team. no joke, more than 8 months late, and there doesn't seem to be an end to this in sight. for the sake of my investment, i hope the proverb about real estate is true: the only thing that matters is location, location, location.
Comment #59 Posted By: Anonymous 07/08/08
Anonymous
I'm calling bullAAAA on number 58. The units at the Sheffield are all done - they sold the building from the bottom up (very smart) and all of the units are ready for occupancy WITH TCO's. Say what you want about the treatment of the existing rental tenants, but the units are all done. Any delays are with the closings are now over - check the DOB website for TCO's.
Comment #60 Posted By: Anonymous 07/09/08
Anonymous
#58 here. yes, it is completely true, i have a TCO for my unit. and, in theory, i should have closed in June. i was looking forward to closing then because my unit had been delayed for so long and i really can't wait to get out of the un-air conditioned concrete slab that i currently live in. see, a problem exists though, because while there is a TCO for my unit, a TCO only ensures that the unit is safe to be lived in. it does not ensure that a unit is built up to the standards that the building claimed it would built to. that being said, when it was time for my closing, i walked in to find: gouges in the marble counter, scratches in the hardwood floor, paint on the tiles of the shower, there were nuts very visibly sticking out of the walls above the windows, walls that needed to be painted, a missing connection for a major appliance, and a few other things. granted, these are simple things that can be corrected relatively quickly. so, i told the staff that after these were taken care of, i would close on the place, and the staff assured me it would be taken care of within the week. that was the middle of June. it is now the middle of July, and i still have no date for closing. make no mistake, though, the unit (minus the plethora of blemishes) is really nice. and part of the reason i am so frustrated with the delay in closing is that i know once the place is finished it's going to be amazing. (at this point, my friends are as excited for it as i am). i would like the staff to be a little more competent when determining closing dates, though, so that way i don't change my plans and get ready to move only to be told that the work the contractors had told me would be done in a week still hasn't been done yet. i've now had to call Macy's twice to delay the shipment of my mattress.
Comment #61 Posted By: Anonymous 07/09/08
Anonymous
#58...Your problem makes sense...A large percentage of the contractors have stopped working for lack of payment by Swig...The building has a small skeleton staff working on it so eventually they will get to you but don't expect the luxury amenties they have promised you in their advertising for a long long time...Health club,restaurants,drive through driveway,open air pool,lounge.None of these things have even begun to be constructed.
Comment #62 Posted By: Anonymous 07/09/08
Anonymous
Now I know #60 is bulls@#$. Once a Sponsor has a TCO, they will make you close. The items you mention are called PUNCHLIST, which occur after closing. Nice try.
And #61 is obviously tenant garbage. Everyone knows that amenities in conversions are the last to get done - look at 15 CPW, it STILL doesn't have half of the amenities done (or started) and it is the most successful condo in history. Educate yourselves before you pullute this blog with your stupidity. Unless you are simply trying to mess with sales in the hopes of a large buyout, in which case you have other issues (and problems) that you need to deal with - including your family thinking you are a sucker for liquidating your life savings to pay legal fees that do not accomplish anything. Good luck!
Comment #63 Posted By: Anonymous 07/09/08
Anonymous
My Sheffield apartment was expected to be delivered in January 2008 and we actually closed in April 2008, but I must say that I love my apartment, I love the building, and I love the staff - I expected it to be delayed (and 3 months wasn't so bad) - and I really couldn't be happier with the quality, etc. And the staff are truly truly wonderful.
Comment #64 Posted By: Anonymous 07/09/08
TRUTH BE TOLD
Good try "shillie"(62&63)...truth be told,this place is an unfinished dump,quality is disgusting and Kent Swig is in deep water with his bank.Sheffield 57 is a loser just like 201 West 92nd Street and 25 Broad as described by the article above in THE REAL DEAL.When you lose your job can we expect to hear from you again or will you just go away with the rest of the incompetant management team?
Comment #65 Posted By: TRUTH BE TOLD 07/09/08
Anonymous
#64 -
The quality is quite good, I think most new residents quite like their apartments and the common areas that have been finished. The building staff is superb.
Yes, contruction progress is slow and communication on timelines has been sub-par.
Comment #66 Posted By: Anonymous 07/09/08
Anonymous
I have a simple question for the tenants association folks who have been posting here. And this is not a rhetorical question, and it is not meant to be provocative or antagonistic.
What would you like to happen now? I.e., if 'they' came to you today and said 'Alright, you are in charge, what's your plan, let's do it' Of course, you cannot turn back the clock and go back to a rental building managed by Rose. With the circumstances as they are now, what would you like to happen?
Comment #67 Posted By: Anonymous 07/09/08
Anonymous
#64, are you the one with no place to go when you get kicked out? Sniffle. Swig made $7,000,000 on 201 West 92nd. What a failure. I hear FlatRate movers is quite good. hahahahahaha!
Comment #68 Posted By: Anonymous 07/09/08
Anonymous
#66, that is an easy question. we want to get PAID a LOT of money to shut our mouths. we want a piece of the pie. SWIG is making hundreds of millions of dollars - why shouldn't we get a piece? if he is going to be so rich, i should at least get six figures to move away.
Comment #69 Posted By: Anonymous 07/09/08
Anonymous
I am sure that Swig consults with #64 with the status of his loan. If I am going to make $7,000,000 on one deal, and $200,000,000 on another, what kind of idiot can call these deals a loser? These kids are delusional. They must know that they are not accomplishing ANYTHING other than making ridiculous amounts of posts on blogs. I mean, seriously, they are losing every facet of this (by losing, I mean getting 0% of whatever it is that they want). I feel badly for them - they are really misguided and look quite foolish/pathetic to the world.
Comment #70 Posted By: Anonymous 07/09/08
Anonymous
I'm calling bullAAAA on number 58. The units at the Sheffield are all done - they sold the building from the bottom up (very smart) and all of the units are ready for occupancy WITH TCO's. Say what you want about the treatment of the existing rental tenants, but the units are all done. Any delays are with the closings are now over - check the DOB website for TCO's.
Comment #71 Posted By: Anonymous 07/09/08
Anonymous
number 58 and 60 again here. let me go on record as saying the building itself is very nice. i can't wait for my apartment, it looked nice except for the minor issues that need to be fixed. and thanks to number 61 for informing me that a PUNCHLIST exists. i already knew that, though, because generally a punchlist is taken during the walk-though of a unit. a WALK-THROUGH usually occurs some time before the closing, and it gives the buyer a chance to point out any issues with the unit so the developer can fix it before the closing. most issues on the punchlist are thus taken care of before closing. i was told almost all of the issues on the punchlist would be taken care of within a week. that was more than three weeks ago, and i still don't have a date for closing yet. i don't even mind the delay. i just mind the staff giving me dates that they clearly are not going to be able to keep. if it's gonna take a month to fix something, tell me it's gonna take a month. don't say a week, and then delay the closing twice because the unit is not ready.
Comment #72 Posted By: Anonymous 07/10/08
Anonymous
Hi #71. Moved in 3 months ago. Building is very nice, staff are superb and very helpful. Had the same experience as you with sales office's poor expectations management.
Comment #73 Posted By: Anonymous 07/10/08
Anonymous
# 66 The problem is, the clock cannot be turned back..,rental
tenants should have not been in here during the gut demolition
and construction. Having said that, we will let a judge decide in
court what should happen..harassment of a rent stabie is a class
"E" felony. Saying to us, you should have just moved out, is the perfect shillie answer, but that is not what the law says.
It was really terrible in here for us...this place is far from done.
We did have heated and air-conditioned corridors and elevators
when it was a rental. Are we ever going to at least see that again?
Comment #74 Posted By: Anonymous 07/10/08
Anonymous
#59 is a liar..there are several floors in here that are not done..we have photos to prove that....We are supposed to believe the DOB records? now you must be kidding! That is the biggest bunch of lies, can't wait to see the records from the DOB on this building from the 7A case.
Comment #75 Posted By: Anonymous 07/10/08
Anonymous
You ask what we want? Very simple... We want money. This is our lotto ticket and we intend to cash it in. I don't personally believe that Swig has "harassed" anyone I but it sure does sound good in court and the newspapers!!! There will come a time when Swig will open up his wallet a,d pay us for forcing us to live through construction while he rebuilt this building. He is making hundreds of millions of dollars - he can afford to throw a few scraps our way.
Comment #76 Posted By: Anonymous 07/10/08
Anonymous
Harassment as is stated in the martin act.....every tenant was harassed in here, for over a year. #75 shillie. According to Swig
we have won the "lottery" already. Two years and counting to put
this disgusting building back together. I think it will take at least
another two years more. Most rent stabies have plenty of cash
saved from paying under market value rents for 20 to 30 yrs..and
most will not vacate..
Comment #77 Posted By: Anonymous 07/11/08
Anonymous
Uh, look at #75 - according to the TENANTS, the tenants have won the lottery. Love the line "most rent stabies have plenty of cash" - ha! That's an oxymoron (emphasis on moron!). Hahahahahaha.
Comment #78 Posted By: Anonymous 07/11/08
Anonymous
#73 - I understand what you may have gone through, but I don't see how pressuring the developer (and thus delaying completion and elongating the period of discomfort) really serves your purpose. At the end of the day, you're best off if all construction work is completed and your comforts are fully restored.
Comment #79 Posted By: Anonymous 07/11/08
Anonymous
#78, you are generally correct, but you are missing the fact that this tenants association isn't really "pressuring" anyone. It is a small group of people (growing smaller every week) who do nothing except post on blogs. There is a reason they are called the Sheffield Do-Nothing Association. They simply post hundreds of times about wonderful remedies that they don't actually have (harrassment a Class E felony? Please. Renovating a building does not consitute harrassment in any court I know). They are desperate, broke, and having mounting legal fees. But for $19.99 a month they can post unlimited times on the internet. It is quite amusing.
Comment #80 Posted By: Anonymous 07/11/08
Anonymous
You ask what we want? Very simple... We want money. This is our lotto ticket and we intend to cash it in. I don't personally believe that Swig has "harassed" anyone I but it sure does sound good in court and the newspapers!!! There will come a time when Swig will open up his wallet a,d pay us for forcing us to live through construction while he rebuilt this building. He is making hundreds of millions of dollars - he can afford to throw a few scraps our way.
Comment #81 Posted By: Anonymous 07/11/08
Anonymous
#78 "pressuring the developer" does not cause delays..they cause their own delays. There was only one delay, and that was a year ago, for massive asbestos abatement. That only took three weeks...any other delays are all their own doing, as everything we do is in court, we have at least 5 court cases going.
I suppose #78 is a lawyer?
Comment #82 Posted By: Anonymous 07/11/08
Anonymous
You idiot - "massive asbestos abate.2,(l cannot be done in 3 weeks. If it only took three weeks, that means there definitely was not any asbestos found.
Comment #83 Posted By: Anonymous 07/11/08
Anonymous
I can always count on abuse from the shillies..only the lower floors were abated during that time, and it shut the job down for about three weeks. There were at least 100 people in here to do the abatement, and no contractors allowed to work. You want to re-write history too?
Comment #84 Posted By: Anonymous 07/11/08
Anonymous
If they found anything, it would have been shut down for months, not weeks. Stop trying to pretend that you have accomplished anything - its okay, you failed. Deal with it.
Comment #85 Posted By: Anonymous 07/12/08
Anonymous
the project was formally re-filed as an "asbestos project"
you can check the DOB records for that. There was also a fine to a contractor from the former governor Elliot Spitzer's office, for illegally encapusulating asbestos, as he was caught by the DOL in the act.
There are many public documents. I hope we do not suffer health
problems from this in the future....any idiot in construction would know that a vintage 1970's bldg. would have asbestos products in it. It is just a known fact in the building industry.
Comment #86 Posted By: Anonymous 07/13/08
Anonymous
# 15 if you cannot face the truth about the market than you are in a wrong business. There are more attractive offers out there and we all know it. Lets look at the green condos that recently started to be very popular among New Yorkers. There is nothing to be ashamed of, we know the market and no one is insulting you.
Comment #87 Posted By: Anonymous 07/18/08
Anonymous
What sort of an idot closed this deal. Attorneys today are just looking to make a quick buck and who gives a damm about the asbestos. It will come back to you one day!
Comment #88 Posted By: Anonymous 07/18/08
Anonymous
NICE CARS BUT THE TRUTH IS MOST OF THEM ARE JUST OLD FULS SCREWING YOUNG GIRLS THAT GO FOR MONEY. PATHETHIC
Comment #89 Posted By: Anonymous 07/18/08
Anonymous
#86..yes that is right, a voice of reason..the only way the
Sheffield 57 would be a green building, is if they painted it green!
There is alot of inventory out there..that is NEW, the outside of the Sheffield building
still looks pretty ordinary, and filthy dirty, I might add.
Not an especially good advertisement for and old high-rise.
Comment #90 Posted By: Anonymous 07/24/08
Anonymous
AUGUST 22 2008. The DEP wins case for The Sheffield Tenants.
Swig was fined $4800. for illegally removing ASBESTOS, while
tenants were in residence. Docket # 500-39875M
Who is crazy now?
Comment #91 Posted By: Anonymous 08/22/08
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