Developer Kent Swig and Sheffield57

Former Sheffield57 developer Kent Swig filed an appeal to the New York State Appellate Division to overturn a $28.4 million judgment issued in July on behalf of Square Mile Structured Debt, a firm led by investor Jeffrey Citrin. In court papers filed earlier this year, Square Mile alleged that Swig defaulted on a $21.15 million personal loan issued in July 2007 to help finance the development of Sheffield57, a converted condominium at 322 West 57th Street. Swig, in court records filed late last week, argues against the judgment, stating that the loan was to be converted into a stake in Sheffield57, and not be repaid in cash. [more]