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

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Kent Swig and 25 Broad Street

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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 LCOR will replace Swig’s planned private screening theater, which it felt was outdated, with a golf simulator.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]

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Kent SwigLCORLehman BrothersRose AssociatesSwig