11-condo unit package sells at Sheffield57
July 23, 2009 02:00PM By Adam Pincus
Kent Swig and Sheffield57
The buyer went into contract for the units between the 33rd and 46th floors in April and closed July 21, city property records show. The apartments sold for $1,200 per square foot, an analysis of city records shows.
The managing member of OSS Real Estate Holdings is Edward Campanella, president of the Midtown-based construction management firm MBI Group.
Sheffield57 developer Kent Swig of Swig Equities has been battling both personal and corporate lawsuits.
A spokesperson for Swig declined to comment and a representative for Campanella was not immediately available for comment.
The largest unit is a 1,599-square-foot apartment, while the smallest were two units with 615 square feet each.
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Comments
Anonymous
Nice. Let the distress money pour on to the city.
Comment #1 Posted By: Anonymous 07/23/09
Anonymous
over paid. should be called: SOS
Comment #2 Posted By: Anonymous 07/23/09
Anonymous
smart move at 1200 a foot it wiped out the money owed by swig to the contracter capice
Comment #3 Posted By: Anonymous 07/23/09
Anonymous
if only they marketed the units at reasonable prices they wouldnt be in the situation they are in today. to ask on a studio unit facing a wall $900K is insane. they thought the sheffield was the Plaza with these price offerings,poor analysis. Thats what happens when you are greedy.
Comment #4 Posted By: Anonymous 07/23/09
Anonymous
this is swig paying off debts - giving away his property. this is just the beginning, except from here on they'll be taking it from him
Comment #5 Posted By: Anonymous 07/23/09
Anonymous
looks like Swig is still in the game. Fortress deal was really deal of the year. Guess all the naysayers are now eating Crow.
Comment #6 Posted By: Anonymous 07/24/09
Anonymous
Watching Swig is like watching a drowning man. As things keep going down, he get's closer and closer to being completely underwater- all the signs are there. At this point, it's not even interesting watching- the outcome is clear.
Comment #7 Posted By: Anonymous 07/24/09
Anonymous
# 5's first sentence is right on the money.
Comment #8 Posted By: Anonymous 07/24/09
Anonymous
I think #4 is wrong. They sold 300 units at what you call "unreasonable" prices. This project sold more apartments than any other development in the city in 2007-2008. Really.
Comment #9 Posted By: Anonymous 07/24/09
Anonymous
Where di the 14.1 million go? Not in the building!
Comment #10 Posted By: Anonymous 07/24/09
Anonymous
ditto on Swig paying off debts...there is no investor in their right mind paying 1200 psf in that building
Comment #11 Posted By: Anonymous 07/24/09
Anonymous
inside job. heinous.
Comment #12 Posted By: Anonymous 07/24/09
Anonymous
$1200 a foot is quite a discount from the $2,000+ a foot this building was getting. 40% discount is good deal
Comment #13 Posted By: Anonymous 07/24/09
Broke
a drop in the proverbial ice bucket, right Kent?
Comment #14 Posted By: Broke 07/24/09
Anonymous
is there any 2 br for sale mow ......
Comment #15 Posted By: Anonymous 10/05/09
German Alvarez
There are any two br for sale now and what price
Comment #16 Posted By: German Alvarez 10/23/09