SwigEquities acquired 112 residential units within this 198 unit residential co-op building located at the corner of 89th Street and First Avenue on Manhattan’s Upper East Side. At the time, the building was in bankruptcy and the acquisition included the successful negotiation to purchase the outstanding debt from three disparate banking groups located in Texas, Iowa and Japan. Upon restructuring the debt with the bankrupt co-op corporation, the SwigEquities received 112 cooperative apartments in exchange for discounting the outstanding principal balance of the loan.
After closing the loan acquisition and restructuring, the building emerged from bankruptcy with control of the co-op board going to SwigEquities. A full building wide renovation program was initiated which included all tenant common corridors, tenant laundry rooms, refurbishment of elevator cabs, repointing of the exterior façade, installation of a new roof, and renovation of the main lobby.
Simultaneously, 37 vacant apartments were gut renovated to include new bathrooms, kitchens, hardwood floors, new mechanicals, plumbing and electric wiring. Upon completion, these units were sold on an individual basis at a tremendous profit.
In addition, the building was converted from co-operative to condominium status with the flexibility to choose between the two forms of ownership resting with each individual unit owner. This was the first such co-op to condominium conversion to occur in New York City.
Finally, a long term mortgage was secured for the building which allowed for individual unit owners to maintain their option to remain a co-op or convert to condominium status.
Located in the heart of Downtown’s FiDi (Financial District), 25 Broad Street was created as a turn of the century marvel. At the time of its completion in 1902, the “Broad Exchange Building” was the largest and most valuable office building in all of Manhattan. Designed by the renowned architectural firm of Clinton & Russell, the building was constructed to the highest technological and aesthetic standards of the day. Just one block from the New York Stock Exchange, 25 Broad Street was instantly recognized as one of the most desirable addresses for Wall Street’s brokers and bankers, providing headquarter facilities for Paine, Webber and Company for nearly seventy years.
The impressive street presence and unbeatable location of the Property inspired the previous owner to undertake a comprehensive conversion of 25 Broad Street which was completed in 1997 into 346 luxury residential rental units. The dramatic transformation of the Property ushered in a wave of subsequent residential conversions, giving rise to the 24/7 residential community that is now flourishing Downtown.
The Property’s beautifully renovated lobby preserves the turn-of-the-century grandeur of its original design, adorned with artistic terrazzo floors, marble pilastered walls and ornately coffered 18-foot ceilings. Sweeping marble staircases greet tenants and visitors as they make their way to the hardwood reception desk, which is manned 24-hours a day by in-house security personnel, and a dedicated doorman. The resident and guest experience upon entry to the building is unrivaled in this market.
During the 1997 conversion of the Property, The building was gut-renovated and state-of-the-art-building systems were installed and comprehensive amenities designed to complement the building’s landmark architecture and unbeatable central location. The result was the creation of one of Downtown’s most luxurious residential assets, renamed “The Exchange”. As part of the renovation, all major building systems were replaced, including a new roof, new elevators, and a complete overhaul of the HVAC system.
For the discerning professionals and families of Wall Streeet, 25 Broad Street offers an unrivaled package of amenities. Spacious apartments with large windows and ceilings up to 14 feet provide ample light and air, while the levels of apartment finish meet the highest standards of quality.
Completed in 1902, 25 Broad Street elicits a sense of elegance associated with another era. The imposing faade reflects the stature of the elite firms it was designed to serve, utilizing a tripartite composition favored by New York’s most fashionable turn-of-the-century skyscrapers. The timeless design includes a base of rusticated granite segueing to a classic design of buff colored brick with terracotta trim. The austere grandeur of the building continues to resonate today, its clean lines and understated ornamentation evoking the unwavering strength of Wall Street as the world’s financial capital. As such, it comes as no surprise that 25 Broad Street has been officially recognized as a landmark of both historical and architectural significance on both the local and national level.
The key elements of this prime, mixed-use residential asset include:
– 346 residential units on floors 3-21 totaling 377,000 square feet.
– Approximately 30,000 rentable square feet of prime office and retail space.
– A roof-top observation deck and a luxury gym facility which features an indoor swimming pool, steam room and state-of-the-art exercise equipment.
Another unique feature included in the amenity package is Salon 25. The Salon 25, located on the ground floor is a full service day spa, offering the full gamut of spa services, including massage, manicures, pedicures, and facials. Each tenant floor features laundry rooms and large private storage cages. Apartments are provided with latest technology in telecommunications connectivity, including the option of multiple cable carriers and high speed internet access lines.
The Sheffield is a 57 story multi-use property located at 322 West 57th Street in Manhattan’s Columbus Circle neighborhood comprised of 572 luxury residential units, 109,040 square feet of office space, 8,840 square feet of ground level retail, and a 372 space underground parking garage. The commercial office space, retail and garage units were sold to the Hearst Corporation, owner occupant of the iconic office tower attached to the eastern face of the Sheffield.
SwigEquities acquired the Property in April 2005, converted the building to condominium form of ownership, and redeveloped the entire property including a gut renovation of the apartment units, residential lobby, and outdoor plaza. Due to its irreplaceable location, stunning views, spectacular renovation, the re-envisioned Sheffield has enjoyed tremendous market success.
SwigEquities designed and implemented a spectacular building wide renovation which included apartment combinations, bringing the number of individual apartment units down from the original 845 to 582 graciously sized family apartments which have proven to be tremendously desirable to affluent buyers. In addition, SwigEquities created a spectacular new lobby and a redesigned plaza at the ground floor of the building. All interior elements of the building were demolished and redesigned. These include all new kitchens, bathrooms, flooring, and finishes throughout the apartments as well as building wide replacement of all corridor finishes, windows, electrical risers, plumbing risers, elevator cabs, among many other items.
The condominium plan was declared effective by the Attorney General and unit closings commenced in August of 2007. The Property’s commercial office, retail and garage units, and residential units have been sold. Based on the highly successful sellout, the building yielded gross sales proceeds of approximately $1 billion, an increase of approximately 240% over the acquisition price.