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.
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 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.