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Swig settles with owners at Sheffield57

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Developer Kent Swig has reached a settlement with condo owners at Sheffield57. Swig has agreed to pay the common charges he owes the board of managers of The 322 West 57th Street project, according to legal documents examined by the New York Observer. As The Real Deal first reported, two Sheffield owners filed a complaint in early May alleging that Swig owed $5.4 million in unpaid common charges. If the developer sells off any of the remaining condos or modify the mortgages, the buyer or lender will have to repay the unpaid charges.

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Kent SwigNew York ObserverSheffield57