Attorney General allows tenants to stay at Kent Swig’s (left) Sheffield57Attorney General Andrew Cuomo’s real estate finance bureau ordered a settlement that allows nearly two dozen market-rate tenants to remain in the Sheffield57 condominium, while limiting a rent increase proposed by developer Kent Swig. Housing Court Judge David Cohen originally blocked the evictions of 23 market-rate tenants in a landmark 2007 decision. That decision was overturned in 2008, and was under appeal by the tenants. During settlement talks with the AG’s office, Swig proposed an agreement that would let the tenants remain in the building if they agreed to significant rent increases. In a June 17 letter to Swig’s attorney Stuart Saft, and obtained by The Real Deal, Assistant Attorney General Marisa Peisman said that the rental increase proposed by Swig was well above comparable rates. [more]
