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Kent Swig

Swig Equities
770 Lexington Avenue
New York, NY 10021
(212) 508-7373
Kent Swig
While many developers have seen reversals of fortune in the late 2000s, few were as colorful and well-publicized as Kent Swig's. For most of his career, Swig was considered real estate royalty: a prominent commercial landlord, a principal in Terra Holdings, and Harry Macklowe's son-in-law. Swig's standing suffered, though, as he lost control of development projects, faced an onslaught of litigation and separated from his wife. Many of Swig's troubles centered around his conversion of Sheffield57 on West 57th Street, which faced numerous lawsuits from tenants after he bought it with other investors for $418 million in 2005. Swig made headlines when one of those partners, Yair Levy, hit him in the head with an ice bucket during a 2008 meeting. The team lost control of the building to a creditor in 2009. The same year, Lehman Brothers filed to foreclose on 45 Broad Street, where Swig (and partners including Robert De Niro) intended to develop a hotel. In 2010, Swig closed the Helmsley-Spear brokerage, which he'd purchased a few years prior, and defaulted on a $12 million loan at 80 Broad Street. Swig, a California transplant and a surfer, also faced personal financial woes, with a reported $50 million in personal debt. In an exclusive interview with The Real Deal in December 2010, however, Swig was sanguine about his future prospects, and said he'd made an agreement with the creditor that took over the Sheffield, Fortress, that gives him a share of potentially "enormous" future profits. He also said that as part of the agreement, he'd agreed to be depicted as "the fall guy" in the press. -TA
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Swig Equities, Chief Financial Officer
48 Wall Street, New York, New York, (212)-918-4762
Ronald Shaver is a real estate industry executive and the chief financial officer...
Swig Equities, Chief Administration Officer
48 Wall Street, New York, New York, (212)-918-4762
Steven Kirschenbaum is a real estate industry executive, lawyer, and the chief administration...
Swig Equities, Senior Vice President - Operations
48 Wall Street, New York, New York, (212)-918-4762
Joseph Caraciolo, who goes by Joe, is real estate industry executive and senior...
Swig Equities, Senior Vice President / Director of Commercial Leasing
110 William Street, 11th Floor, New York, New York, (212)-508-7373
Jonathan Dean is a real estate industry executive and a senior vice president...
  • Event Office Leasing
  • Address 48 Wall Street
  • Neighborhood Financial District
  • Borough Manhattan
  • Square feet 6,900
  • Price per foot $ 38.00
  • Publication Date 11/01/2010
  • Event Date 09/22/2010
  • Party 1 Kent Swig
  • Party 1 Brokerage In-house
  • Party 2 Lord Securities
  • Party 2 Brokerage CBRE
  • Party 2 Broker Snezana Anderson, Jim Searl
The financial services firm signed a 10-year lease renewal for the entire 27th floor
  • Event Sales
  • Building Name Sheffield57
  • Address 322 West 57th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 20,000,000
The condo building sold at a foreclosure auction last month for $20 million. Fortress, a Manhattan-based hedge fund that previously acquired more than $100 million in defaulted loans at the building, made the lone bid at the auction, giving it total control over the Sheffield57 holding company. After buying the defaulted mortgage loan and senior mezzanine loan, Fortress advanced several million dollars to help pay off common charges and unpaid mechanic's liens that Swig had accumulated. Swig purchased the property for $418 million in 2005 with majority investors Yair Levy and Serge Hoyda.
  • Event Financing
  • Building Name Sheffield57
  • Address 322 West 57th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Publication Date 12/01/2008
  • Event Date 10/22/2008
  • Party 1 Kent Swig
  • Party 2 KeyBank
A $104.7 million loan was provided to refinance the condo conversion. 58-story apartment building, 600 units total.
  • Event Sales
  • Address 201 West 92nd Street
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Price $ 61,000,000
The 134-unit rental complex sold for $61 million. The property has 125,000 square feet of unused air rights that would allow seven additional stories of condo development. The buildings contain 68 one-bedrooms, 56 two-bedrooms and 10 three-bedrooms. Swig bought the buildings for $54 million in 2005 with plans to convert them into condos. Includes 200 West 93rd Street.
  • Event Sales
  • Building Name The Sheffield
  • Address 322 West 57th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 109,000
  • Price $ 95,000,000
  • Publication Date 10/01/2007
  • Event Date 08/22/2007
  • Party 1 Kent Swig
  • Party 2 Hearst Corporation
  • Party 2 Brokerage CBRE
  • Party 2 Broker Darcy Stacom, William Shanahan
Hearst purchased floors two through six and part of the seventh in the residential tower next door to its headquarters for $95 million. The publishing company also acquired the retail portion of the building and a parking garage.
  • Event Sales
  • Building Name The Sheffield
  • Address 322 West 57th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 418,000,000
Expected to go condo