Lehman rental conversion successful at 25 Broad Street

25 Broad Street

Kent Swig’s former mammoth office building at 25 Broad Street may have finally come back to life as a 305-unit rental property thanks to Lehman Brothers Holdings, the Wall Street Journal reported, after 80 percent of the 90 available units were rented in just two months.

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With applications under review for the remaining units, more are now under renovation, the Journal said.

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.

Lehman took over the building after Swig defaulted on his mortgage in 2009. Swig paid $262.5 million to buy the former office property in 2005. He had previously intended to transform it into a luxury condominium building.

Lehman is in the final stages of foreclosing on the building. The receiver has appointed LCOR and Rose Associates to turn around operations at the property. [WSJ]