David Tawfik to pay Swig $126M for 90 Broad Street

From left: Kent Swig, president of Swig Equities, and 90 Broad Street
From left: Kent Swig, president of Swig Equities, and 90 Broad Street

David Tawfik’s Princeton International Property will pay Swig Equities $126 million for 90 Broad Street, a 400,000-square-foot office building in Lower Manhattan.

Princeton executive Robert Benedetto confirmed the deal – which is in contract — to the New York Post, but declined to comment on the terms of the transaction. At that price, the sale pencils out to $315 per square foot, the Post said.

“It has great bones and terrific light and air, with views of the river,” Benedetto said. “We think the upside potential is enormous.”

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The building was ravaged by Hurricane Sandy, but is currently 85 percent leased, according to the newspaper, with asking rents in the mid- to high $30s per square foot.

In December 2012, Tawfik purchased 104 West 40th Street from Savanna for $103 million. Office space giant Regus took just under 30,000 square feet at that building in July, as The Real Deal reported. [NYP]Hiten Samtani