Swig’s failed 25 Broad condo conversion hits the market as a rental

New York /
Apr.April 18, 2011 09:43 AM
Kent Swig and 25 Broad Street

Kent Swig’s stalled condominium conversion project at 25 Broad Street is back in action as a rental building. A court-appointed receiver has tapped developer LCOR to put the 20-story building back on the market, and according to the Wall Street Journal, the leasing office opens today. The project offers 305 one- and two-bedroom units, with 35 different floor plans and rents starting at $3,133 and $5,205 per month, respectively. There are also hefty concessions: one month’s free rent, plus the elimination of broker fees for renters who sign on for one or two years. (Rose Associates is marketing the building). Swig paid $200 million to buy the former office property in 2005, but defaulted on his mortgage in 2008. Lehman has since poured $39.9 million into renovations at the building, which has a fitness center, lounge and roof deck. LCOR will replace Swig’s planned private screening theater, which it felt was outdated, with a golf simulator. [WSJ]


Related Articles

arrow_forward_ios
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
Isabel Rose, 90 Franklin Street and Scott Yedid (Getty, Compass, Cerberus)
Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
Rose Associates heiress sells $10M Tribeca condo to distressed mortgage trader
Terra Holdings' Kent Swig (Swig Equities, iStock)
Kent Swig launches his own cryptocurrency
Kent Swig launches his own cryptocurrency
The Grace Building at 1114 Sixth Avenue (Photo via Wikipedia Commons)
Here’s what tenants are paying at Brookfield & Swig’s Grace Building
Here’s what tenants are paying at Brookfield & Swig’s Grace Building
25 Broad Street and renderings of interior units from Booking.com (Credit: Google Maps and Booking)
LCOR lands rental deal with Booking.com for empty condos
LCOR lands rental deal with Booking.com for empty condos
LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)
California teachers get in on Coney Island’s redevelopment
California teachers get in on Coney Island’s redevelopment
Rose Associates’ Adam Rose (Credit: Getty Images, iStock)
Adam Rose leaves real estate for jazz
Adam Rose leaves real estate for jazz
70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)
Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan
Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan
arrow_forward_ios

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

Loading...