Formerly Swig-owned development site in FiDi hits market

TRD New York /
Jan.January 15, 2014 09:25 AM

A Financial District development site that will allow for a 264,200-square-foot residential tower or hotel has hit the market for an undisclosed amount.

The site at 45 Broad Street once belonged to Kent Swig, but he was forced to turn it over in 2011 after defaulting on a loan.

“There is no height restriction in the area,” Cushman & Wakefield’s Nat Rockett told the New York Post. Rockett is marketing the site, located between Exchange and Beaver streets, along with colleagues Helen Hwang, Jared Kelso, Karen Wiedenmann and Sujohn Sarkar. He added that he expected bidders to focus on residential condominiums and hotels, as condos were selling for north of $2,000 per square foot and the hotel market area in the area remains underserved.

Swig purchased the site in 2006 for $29 million, and had plans to construct a 62-story hotel and condominium development named Nobu Hotel and Residences, as The Real Deal reported. He partnered with actor Robert De Niro but the project never saw the light of day.  [NYP, 2nd item]Hiten Samtani

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