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]