Swig to sell 140 William Street for $11.5M

July 14, 2010 12:00PM

140 William Street

Embattled real estate developer Kent Swig is set to ink a deal to sell
140 William Street for $11.5 million within the next few weeks, the
Wall Street Journal reported. It was unclear who was buying the
seven-story, 48,000-square-foot building, but experts suggested it
would likely be turned into condos. Though Swig had been hoping to get
$14.2 million for the vacant downtown property, the $239 per square
foot price is better than what other buildings downtown have fetched
recently. Only two buildings in the area changed hands last year, both
owned by American International Group; AIG sold 72 Wall Street for $37
million, or $114 a square foot, and 70 Pine Street for $113 million, or
$103 a square foot. The $11.5 million sale is likely to make only a
dent in Swig’s debt since there are at least $50 million in judgments against him for a variety of failed projects,
and Swig has hinted in the past that he may file for personal
bankruptcy. Most recently, Swig was reportedly in danger of losing 80 Broad Street after one of his lenders foreclosed
on the property last week, because Swig had defaulted on the $12
million loan. [Crain’s]