Helmsley Spear sheds commercial brokerage operations, plans buying binge

TRD New York /
Jan.January 22, 2010 05:09 PM

The once dominant commercial property firm Helmsley Spear, owned by embattled developer Kent Swig, is ending its third-party commercial brokerage operations to focus on managing its own assets and acquiring others, the company said in a statement.

A division of Helmsley Spear is in negotiations to purchase “several” buildings, either commercial or multi-family, in New York City, a source at Helmsley Spear said.

“We have identified the assets and we are in negotiations. We are past the point of due diligence,” the source said. “We just can’t announce what they are until the contracts have been executed.”

In the company statement, it said, “Helmsley Spear looks forward to announcing several new investment acquisitions over the next 30 to 60 days.”

The source did not reveal how many of the 20 brokers currently listed on the Helmsley Spear Web site would be let go.

“Some of them are being retained and some are being let go,” the Helmsley Spear source said.

The new buildings will be purchased by a division of Helmsley Spear through newly raised “equity and debt,” but the source would nor provide further explanation. Kent Swig, the owner of Swig Equities, is under financial pressure from lenders who have won judgments totaling $53.6 million against him.


Related Articles

arrow_forward_ios
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...