Sales | The Real Deal New York

The Real Deal New York

Deal sheet    Single Deal
Sales
  • Event Sales
  • Building Name Sheffield57
  • Address 322 West 57th Street
  • Price $ 20,000,000
  • Borough Manhattan
  • Neighborhood Midtown West
  • Publication Date 09/01/2009
notes
The condo building sold at a foreclosure auction last month for $20 million. Fortress, a Manhattan-based hedge fund that previously acquired more than $100 million in defaulted loans at the building, made the lone bid at the auction, giving it total control over the Sheffield57 holding company. After buying the defaulted mortgage loan and senior mezzanine loan, Fortress advanced several million dollars to help pay off common charges and unpaid mechanic's liens that Swig had accumulated. Swig purchased the property for $418 million in 2005 with majority investors Yair Levy and Serge Hoyda.