The Real Deal New York

Posts Tagged ‘322 west 57th street’

  • From left: David Burke and the Sheffield (credit: PropertyShark)

    The Sheffield, the 582-unit building at 322 West 57th Street, is announcing a partnership with the David Burke Restaurant Group, of Fishtail by David Burke and David Burke Townhouse fame, The Real Deal has learned.

    For Sheffield residents, prerogatives come in a personalized VIP card whose benefits package includes priority reservations at David Burke eateries, additional complimentary aperitifs and dishes, a 10 percent discount off food and alcohol, even personal greetings from the restaurants’ executive chefs on duty. [more]

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  • The Real Deal on the town: PHOTOS

    January 18, 2012 02:30PM

    The Sheffield sales team (click image for slide show)

    January is barely half over and already those New Year’s resolutions seem like a distant memory. But for the marketing team behind the Sheffield condominium tower, an event last night was a chance to combine self-betterment (or at least self-indulgence) with a tour of newly opened amenity spaces (click the image above or here for the slide show).

    Brokers trickled into the “New Year New You” gathering, which took place in a three-bedroom pad on the 56th floor, which is priced at a sliver under $4.7 million, for organic juices, chair massages and a chance to win a gourmet meal. [more]

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    A penthouse unit in the Sheffield and Marketing Directors President Jacqueline Urgo

    Three weeks ago, the Marketing Directors unveiled the 10 penthouses on the 56th and 57th floors of the Sheffield, and The Real Deal got a sneak peek at the units and their impressive views — just as the overcast weather cleared — today (see photos above). Asking prices for the two- and three-bedroom penthouses at the condominium conversion at 322 West 57th Street range from $2.55 million to $5.25 million for a unit overlooking Central Park, and apparently buyers won’t have much room for negotiation.

    “We’re hardly open to any negotiations on those units — being that they are the crown jewels of the building,” Jacqueline Urgo, president of the Marketing Directors, said. “We’re going to hold out for the best prices.”
    [more]

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    From left: Yair Levy, Rector Square (source: PropertyShark) and Attorney General Eric Schneiderman

    A state Supreme Court judge has ordered developer Yair Levy to pay $7.4 million in restitution to the Rector Square condominium and permanently banned him from selling real estate in New York state.

    Judge Joan Lobis found last month that Levy defrauded the Battery Park City condo conversion, spending millions of dollars in reserve fund money on illegal personal and general business expenses, including charge card accounts, mobile phone bills and writing checks to family members.

    The judgment permanently bans Levy from selling condos or co-op projects in New York state, virtually ending a career lasting more than 30 years in the U.S. … [more]

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  • Jacqueline Urgo of the Marketing Directors and the Sheffield

    Developers at several New York condominiums such as the Sheffield are reviving higher commissions and other incentive plans to sell units, according to the Wall Street Journal. When the Sheffield, at 322 West 57th Street, was reopening earlier this year after a conversion, the owners had nearly 330 units to sell. They held a launch party for agents and offered to increase their commission by a half percentage point for any of the 180 attendees who closed a deal by Nov. 15. More than a dozen of those brokers signed up condo purchasers. … [more]

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  • Swig hit with $535,000 judgment by deputy

    September 13, 2010 05:30PM


    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]

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    Rendering of the building’s children’s playroom





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    The new owners of the Sheffield (formerly Sheffield 57) are tryi … [more]

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  • 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] 

    [more]

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  • Sheffield57 sales may resume

    January 28, 2010 10:53AM

    Adam Rose of Rose Associates and Sheffield57

    Six months after the building was auctioned off in a fire sale, the New York State Attorney General’s office has approved an amended offering plan for the Sheffield57 condominium near Columbus Circle in a move that could lead to a resumption of sales for the first time since May 2009. Sales at the tower at 322 West 57th Street have languished for months, after former developer Kent Swig defaulted on millions of dollars in mortgage and mezzanine loans and failed to provide an updated plan with state regulators. The building’s current owner, Fortress Investment Group, has been working with Rose Associates, the building’s recently named management firm, to complete renovations at the building so sales could resume. “The Sheffield is moving steadily towards resolution and ultimately being a success,” Adam Rose, co-president of Rose Associates, told The Real Deal. Fortress acquired Sheffield57 for $20 million, plus the assumption of debt, in a so-called mezzanine auction in August 2009. … [more]

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    Kent Swig and Sheffield57

    An entity called OSS Real Estate Holdings paid $14.1 million for 11 upper-floor condominium units in the Sheffield57 condo conversion at 322 West 57th Street. The buyer went into contract for the units between the 33rd and 46th floors in April and closed July 21, city property records show. The apartments sold for $1,200 per square foot, an analysis of city records shows. The managing member of OSS Real Estate Holdings is Edward Campanella, president of the Midtown-based construction management firm MBI Group. Sheffield57 developer Kent Swig of Swig Equities has been battling both personal and corporate lawsuits. A spokesperson for Swig declined to comment and a representative for Campanella was not immediately available for comment. The largest unit is a 1,599-square-foot apartment, while the smallest were two units with 615 square feet each.

    [more]

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  • A New York State Supreme Court granted a $28.4 million judgment Friday
    against developer Kent Swig after he defaulted on a personal loan from
    a real estate investment firm led by investor Jeffrey Citrin for the
    Sheffield57 condominium conversion. The case involved a $21.15 million personal loan that Swig took out in
    July 2007 from the lender, Square Mile Structured Debt, to help fund
    the conversion of Sheffield57, a luxury apartment building at 322 West
    57th Street, which his company was converting from a rental tower. Swig had promised to convert the loan into an equity stake in
    Sheffield57, but did not get an agreement from his lenders. Judge
    Bernard Fried ruled that because it was a personal loan, Swig was still
    on the hook for the money. “Furthermore, contrary to the defendant Swig’s assertion, the loan
    agreement and note are instruments for the payment of money only,”
    Fried wrote in his ruling. “This case does not involve a complex
    financial transaction. The loan agreement establishes a discreet
    obligation, and the note was, by its express terms, an absolute,
    unconditional promise of payment by Swig.” … [more]

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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. … [more]

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