Sheffield57 developer Kent Swig was forced to halt sales after state
regulators notified the sponsor that the offering plan at the troubled
West Side condominium had expired, according to three sources familiar
with the decision. Swig will not be able to sell any apartments until Attorney General
Andrew Cuomo approves a 19th amendment to the offering plan, which
legal sources say is required to update prospective buyers about any
material changes in the operation of a condo or co-op conversion. A spokesperson for the attorney general’s office did not return calls for comment. On Sept. 9 of last year, Swig issued an 18th amendment, but that amendment
only updated unit prices at the building, and the Martin Act, which
regulates conversions in New York State, says that pricing-only
amendments do not extend the expiration of the offering plan. [more]