Kent Swig hit with rent suit for 444 Madison Avenue HQ
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 LCOR will replace Swig’s planned private screening theater, which it felt was outdated, with a golf simulator.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]
