The Real Deal New York

Lehman rental conversion successful at 25 Broad Street

August 12, 2011 08:42AM

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25 Broad Street

Kent Swig’s former mammoth office building at 25 Broad Street may have finally come back to life as a 305-unit rental property thanks to Lehman Brothers Holdings, the Wall Street Journal reported, after 80 percent of the 90 available units were rented in just two months.

With applications under review for the remaining units, more are now under renovation, the Journal said.

The project offers 305 one- and two-bedroom units, with 35 different floor plans and rents starting at $3,133 and $5,205 per month, respectively.

Lehman took over the building after Swig defaulted on his mortgage in 2009. Swig paid $262.5 million to buy the former office property in 2005. He had previously intended to transform it into a luxury condominium building.

Lehman is in the final stages of foreclosing on the building. The receiver has appointed LCOR and Rose Associates to turn around operations at the property. [WSJ]

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