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]
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]
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]
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]
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]
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]
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]
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]
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]
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
For NYC real estate updates provide email below
