The Sheffield is a 58-story luxury condominium conversion at 322 West 57th Street in Manhattan. Floor plans and interiors in the conversion were designed by Cetra/Ruddy Architects. Among the buildings many amenities are a pet spa and a glass-enclosed rooftop pool.
The Sheffield was built in the late 1970s as a rental by Rose Associates. In 2005 Kent Swig and partners bought it for $418 million. At the time, it was occupied by more than 800 market-rate and rent-stabilized tenants. Swig changed the name to Sheffield57 and began converting the building into luxury condos which provoked a number of law suits and conflicts with tenants. In one instance Swig was reported to have hired a marching band to interfere with a protest of the conversion staged by then residents of Sheffield57. In 2008, then business partner Yari Levy allegedly struck Swig on the shoulder with an ice bucket during a fight over the use of construction funds. Two years into post-conversion, Sheffield57 had only sold 40 percent of 597 apartments. Fortress Investment Group acquired the building in a 2009 foreclosure auction and the building once again became known as simply The Sheffield.
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.
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.