The Real Deal New York

David Tawfik to pay Swig $126M for 90 Broad Street

November 13, 2013 08:42AM

Kent Swig and 90 Broad Street

From left: Kent Swig, president of Swig Equities, and 90 Broad Street

David Tawfik’s Princeton International Property will pay Swig Equities $126 million for 90 Broad Street, a 400,000-square-foot office building in Lower Manhattan.

Princeton executive Robert Benedetto confirmed the deal – which is in contract — to the New York Post, but declined to comment on the terms of the transaction. At that price, the sale pencils out to $315 per square foot, the Post said.

“It has great bones and terrific light and air, with views of the river,” Benedetto said. “We think the upside potential is enormous.”

The building was ravaged by Hurricane Sandy, but is currently 85 percent leased, according to the newspaper, with asking rents in the mid- to high $30s per square foot.

In December 2012, Tawfik purchased 104 West 40th Street from Savanna for $103 million. Office space giant Regus took just under 30,000 square feet at that building in July, as The Real Deal reported. [NYP]Hiten Samtani

  • DBrown

    NY Post reported in 2005 that Swig paid just shy of $90MM. Don’t know anything about partners in the deal, improvements or refinancings but looks like a moderate profit for Swig.

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