Sheffield57 condos back on the market at 25 percent off

Kent Swig and Sheffield57

The luxury condos at Sheffield57 are back on the market at an average of 25 percent off their boom-time asking prices, according to the Wall Street Journal. The 57-story former rental tower at 322 West 57th Street, purchased for a record $418 million in 2005 by a group of investors led by embattled developer Kent Swig, is now widely considered one of the most troubled condo conversions in New York City history. In a foreclosure auction last year, Swig lost the project to Fortress Investment Group, which has since brought in new managers and put the condos back up for sale at an average of $1,500 per square foot. Swig’s group had been asking $2,100 per square foot for the homes at their initial sales launch. [WSJ]