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Posts Tagged ‘swig equities’

  • From left: Kent Swig, 110 William Street and Savanna's Chris Schlank and Nicholas Bienstock

    From left: Kent Swig, 110 William Street and Savanna’s Chris Schlank and Nicholas Bienstock

    Real estate investment firm Savanna, in a joint venture with KBS Capital Advisors, picked up 110 William Street from Swig Equities and the Dubai Investment Group for $261 million. [more]

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  • 110-william

    Jonathan Dean and 110 William Street

    Developer Kent Swig has signed Microsoft recruitment agency Nigel Frank International at 110 William Street in the Financial District.

    The England-based Nigel Frank, which recruits job candidates for Microsoft, grabbed a five-year lease for 14,000 square feet. Colliers International broker Seth Hecht represented the staffing specialist. Swig’s investment and development firm Swig Equities has been looking to sell the 900,000-square-foot office property, after tapping Eastdil Secured to market it in August. [more]

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  • Lawyer claims baby in suit is not Swig’s

    December 11, 2013 08:35AM

    Developer Kent Swig is accused of fathering a now 2-month-old baby, according to a petition filed in Manhattan Family Court. According to the court documents, April Malloy, the owner of a construction business and single mother of seven, called for Swig to take a paternity test. But Swig’s lawyers said he has taken the test and the child is not his. [more]

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  • Kent Swig and 90 Broad Street

    From left: Kent Swig, president of Swig Equities, and 90 Broad Street

    David Tawfik’s Princeton International Property will pay Swig Equities $126 million for 90 Broad Street, a 400,000-square-foot office building in Lower Manhattan. [more]

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  • 350-madison

    350 Madison

    “Timeshare backyard” on Lower East Side sold for $5.7 million. CORE’s Shaun Osher eulogizes the late Jason Sheftell. A look at the 15 Central Park West condo listed for $85 million: PHOTOS. RFR Realty taps CBRE to exclusively market 350 Madison. For $3 million, supermodel Kylie Bax sells Tribeca duplex she designed herself. Read these stories and more after the jump.

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  • Kent Swig and 44 Wall Street

    Entities tied to real estate developer Kent Swig misled a New York state court in their challenge to the majority owners of 44 Wall Street when they filed papers that made it seem there was no proof of Swig’s embezzlement of funds, a state judge has ruled.

    Swig’s entities hold a minority stake in the 24-story tower in the Financial District and have challenged the majority owners, Swedish investors, over what Swig’s stake is a worth. [more]

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  • Darren Schumer

    From the April issue: Manhattan-based Sierra Real Estate has launched a construction division headed by a Swig Equities alum, the firm said last month. The newly formed entity, called Sierra Development Associates, will handle major capital improvements and tenant build-outs at residential and commercial properties, according to Director of Construction Darren Schumer, head of the new division. [more]

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  • Kent Swig and 44 Wall Street

    The majority owners of 44 Wall Street have asked a judge to dismiss a lawsuit filed by affiliates of developers Kent Swig and Zamir Equities principal Asher Zamir, who claim to own a minority stake in the Financial District office tower formerly known as the Bank of America building. In the suit, filed November 2012 in New York State Supreme Court, Swig and Zamir claim that two entities—listed in court documents as New 44 Wall Street LLC and Kommersiella Fastigheter in NY 3 Corp—froze them out of a stake in the 23-story, 289,049-square-foot property. Swig—the president of Swig Equities and co-owner of Terra Holdings, the parent company of brokerages Brown Harris Stevens and Halstead Property— invested $3.5 million dollars and had a 12.2 percent stake in the initial partnership, according to court documents. … [more]

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  • From left: Kent Swig and 110 William Street

    Kent Swig, the embattled president of Swig Equities, announced today the refinancing of 110 William Street, a 900,000-square-foot office property located between John and Fulton streets in the Financial District. The total amount of the loan is $161.5 million, which was led by a $141.5 million first mortgage provided by UBS Real Estate Securities and Barclays Capital. In addition, Pearlmark Real Estate Partners provided a $20 million mezzanine loan, according to a release from Swig. [more]

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  • Situs Holdings, a real estate advisory firm, has inked a lease for 13,650 square feet at 48 Wall Street, landlord Swig Equities said today.

    Situs will take the entire 14th floor of the 324,000-square-foot, 34-story office tower, located at the intersection of Wall and William streets. Industry sources said asking rents for the space were in the “high $30s” per square foot. [more]

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  • Protesters were in force Monday night as the State of Israel Bonds, a prominent charity for real estate folks, celebrated its 60th anniversary honoring Denis Hughes, president of the New York State AFL-CIO.

    Kent Swig, president of Swig Equities and chairman emeritus of Israel State Bonds, was on hand to help the auction of bonds as guests had pledges ranging from $10,000 to $250,000.

    The evening began as protesters outside Gotham Hall, at 1356 Broadway, objected to using state-controlled pension funds to buy Israel Bonds. Marc Becker[more]

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  • Kent Swig

    Savanna Investment Fund has purchased the senior mortgage loan on Kent Swig’s troubled 80 Broad Street office tower at a discount and is likely to begin foreclosing on the property within the week. Sources told the Post that Savanna received a 12 percent discount off of the $75 million face value of the loan, which has been in special servicing with J.E. Robert Companies since last winter. Swig led a partnership that purchased the 410,000-square-foot building for $70 million in 2004, but by 2010, the property was appraised for just $67 million and entered into “covenant default” even though Swig was still making mortgage payments at the time. … [more]

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    Kent Swig and 25 Broad Street

    Kent Swig’s stalled condominium conversion project at 25 Broad Street is back in action as a rental building. A court-appointed receiver has tapped developer LCOR to put the 20-story building back on the market, and according to the Wall Street Journal, the leasing office opens today. The project offers 305 one- and two-bedroom units, with 35 different floor plans and rents starting at $3,133 and $5,205 per month, respectively. There are also hefty concessions: one month’s free rent, plus the elimination of broker fees for renters who sign on for one or two years. … [more]

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    Kent Swig and 25 Broad Street

    Lehman Brothers Holdings is seeking approval from the judge handling its bankruptcy case to restart Kent Swig’s stalled condominium conversion project at 25 Broad Street and turn the building into rental apartments. According to Bloomberg News, the bank said in a court filing that it plans to foreclose on both the conversion and on an adjacent development parcel at 45 Broad Street, and wants to invest $25 million to finish the job. Lehman has already poured $39.9 million into 25 Broad Street since Swig defaulted in 2009. As part of completing the 281-unit project, the bank would demolish the building’s south wing and transfer its 64,000 square feet of development rights to 45 Broad in order to attract potential buyers for the latter parcel. … [more]

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  • Swig invests in clean energy

    February 17, 2011 09:39AM

    Swig Equities has inked a one-year deal with a clean energy provider to equip 80 percent of its Financial District office properties with green electricity from sustainable sources, company president Kent Swig announced yesterday. The agreement, with Green Mountain Energy, is the first of several energy reduction programs Swig plans to introduce this year, including efforts to cut water consumption, use green cleaning materials and recycle. Swig, whose Downtown office portfolio includes 110 William Street, 90 Broad Street, 80 Broad Street and 48 Wall Street, called the plan “a sound business decision on all levels.” TRD

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    Kent Swig and 80 Broad Street

    The defaulted $75 million senior mortgage loan on Kent Swig’s 80 Broad Street is officially up for sale through Cushman & Wakefield, confirming rumors that surfaced last month and setting the stage for a potential takeover from a buyer, the Post reported. Last year, the loan was transferred to special servicer J.E. Robert Company after it was determined to be in “imminent default” by Fitch Ratings. While Swig’s loan payments are still current, the tower is still in “covenant default.” According to Real Capital Analytics’ Dan Fasulo, Swig would “have to work magic to keep this one” because whoever buys the senior mortgage will likely be looking to wrest control of the building. … [more]

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  • Swig’s Hanukkah miracle?

    December 08, 2010 02:32PM

    Michael Wainstein of Private Capital Group, Rabbi Shmuel Butman, New York City Comptroller John Liu and developer Kent Swig

    Embattled developer Kent Swig recently told The Real Deal that he hasn’t lost as much gelt as everyone thinks. Sheffield57 was actually “the best, most successful deal I have ever done in my life,” he said. When will Swig spin the dreidel next? Read “Swig: I was the fall guy” in the December issue to be enlightened.

    At left, Swig poses after lighting the world’s largest menorah last week in Central Park, near the Plaza Hotel. The Real Deal’s own Michael Stoler lit the Central Park menorah Monday. TRD

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    From left: Sierra’s Peter Braus, Kent Swig, 140 William Street (building photo source: PropertyShark)

    A seven-story, roughly 40,000-square-foot vacant commercial building at 140 William Street once owned by real estate developer Kent Swig has begun seeking tenants for the first time since it changed hands, after sitting vacant for “several years,” according to Sierra Realty, the exclusive leasing brokerage for the Financial District property. The building, which Swig sold at a 53 percent loss in July when investor Chris Soukas snapped it up for $11.35 million, according to public records. … [more]

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    80 Broad Street and Kent Swig

    Financial firm Faunus Group International has signed an 11-year, 18,000-square-foot lease at embattled developer Kent Swig’s 80 Broad Street, a property Swig Equities was in danger of losing in July, the Observer reported. Faunus previously occupied 6,600 square feet on the 22nd floor of the downtown building, but it will now take over the entire 22nd and 34th floors, tripling its space there. Asking rents in the building are around $32 a square foot. “We are thrilled with the confidence shown in 80 Broad and Swig Equities by FGI,” Swig said in a statement. “We welcome its continued and expanded presence within our building.” Over the summer, one of Swig’s lenders foreclosed on the property after he defaulted on a $12 million loan. But the developer is holding on to the building, which he acquired for $70 million. Swig is said to owe as much as $50 million to various creditors, with past
    rumors suggesting that he was threatening to file for bankruptcy. In the summer, The Real Deal reported that Swig had unloaded 140 William Street for $11.5 million, at a 53 percent loss.  [NYO]

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  • REITs a popular option in down market

    March 29, 2010 02:58PM

    Kent Swig

    Turns out Kent Swig isn’t the only one looking to form a real estate investment trust in the financial downturn. With more banks unlikely to hand over cash, high-profile companies like Forest City Ratner Companies and American Realty Capital Trust, are launching REITs, according to Investment News. And they’re not just looking for chump change either — American Realty New York Capital Trust’s new REIT, American Realty New York REIT, is angling to raise as much as $1.5 billion for distressed property purchases. Of course, launching a REIT to ease credit woes isn’t easy-breezy — Swig, for one, will have to get all his lenders and creditors on board before he can move forward with the plan.
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