From left: Sierra’s Peter Braus, Kent Swig, 140 William Street (building photo source: PropertyShark)

A seven-story, roughly 40,000-square-foot vacant commercial building at 140 William Street once owned by real estate developer Kent Swig has begun seeking tenants for the first time since it changed hands, after sitting vacant for “several years,” according to Sierra Realty, the exclusive leasing brokerage for the Financial District property. The building, which Swig sold at a 53 percent loss in July when investor Chris Soukas snapped it up for $11.35 million, according to public records. [more]

Kent Swig (left), Steven Kirschenbaum and the Sheffield at 322 West 57th Street

A state Supreme Court issued a $535,000 judgment against real estate mogul Kent Swig last week for failing to pay his longtime deputy Steven Kirschenbaum, who helped build Swig Equi [more]

Kent Swig and 140 William Street (building photo source: PropertyShark)

Real estate developer Kent Swig has sold the empty, 36,000-square-foot
office property at 140 William Street for $11.35 million, or roughly
$315 per square foot, according to public records filed today with the
city. The price is less than hal [more]

Embattled real estate developer Kent Swig is set to ink a deal to sell
140 William Street for $11.5 million within the next few weeks, the
Wall Street Journal reported. It was unclear who was buying the
seven-story, 48,000-square-foot building, but experts suggested it
would likely be turned into condos. Though Swig had been hoping to get
$14.2 million for the vacant downtown property, the $239 per square
foot price is better than what other buildings downtown have fetched
recently. Only two buildings in the area changed hands last year, both
owned by American International Group; AIG sold 72 Wall Street for $37
million, or $114 a square foot, and 70 Pine Street for $113 million, or
$103 a square foot. The $11.5 million sale is likely to make only a
dent in Swig’s debt since there are at least $50 million in judgments against him for a variety of failed projects,
and Swig has hinted in the past that he may file for personal
bankruptcy. Most recently, Swig was reportedly in danger of losing 80 Broad Street after one of his lenders foreclosed
on the property last week, because Swig had defaulted on the $12
million loan. [Crain's]

[more]

From left: Robert Knakal, Kent Swig and 140 William Street (building photo source: PropertyShark)

Embattled developer Kent Swig may be close to selling off 140 William Street. The seven-story office building in the Financial District has attracted the interest of potential buyers, according to Crain’s. Although it’s not immediately clear what the offering price was for the 48,000-square-foot building, the asking price had been $14.2 million, which comes out to around $300 per square foot. Listing broker Robert Knakal, chairman of Massey Knakal Realty Services, said that the buyers are currently debating whether to keep the building as an office tower or transform it into a residential space.

[more]

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A fund that won a $3.9 million judgment in September against embattled developer Kent Swig is seeking to enforce its priority claim on certain of Swig’s assets, and prevent competing creditors who are owed a total of nearly $50 million from getting to them first.

The fund, affiliated with Midtown-based investment firm RCG Longview, sued Swig as an individual, as well as five of his creditors, to force a turnover of eight assets to repay a $3.9 million debt, a petition filed Jan. 7 in New York State Supreme Court says. In the same filing, the fund alternately asked the court to turn the assets over to a sheriff or put them in the hands of a receiver.

But a main goal of the suit was to make sure the other five creditors did not get their hands on the assets before the fund named RCG LV Debt IV Non-REIT Asset Holdings, did. The attached chart includes lenders and other creditors who have won court judgments against him. [more]