322 West 57 Street (The Sheffield)

Address: 322 West 57th Street (316- 328 W 57; 317-327 W 56)

Block No: 1047
Lot No: 18
Landmark status: No

Contact

Swig Equities, LLC
770 Lexington Avenue, 4th Floor
130 East 40th Street
New York, NY 10021
(212) 508-7210

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Summary of site plans and status

UPDATE: 5/4/2007

Community Board 4/Manhattan sent a letter to NYC Department of Buildings voicing their concern over the inconsistencies in the permit applications. Additionally the board stated that the construction had shown complete disregard for saftey measures and it poses serious hazards for those who live and work in the building and immediate area.

The Sheffield is a 50 story mixed-use building comprised of 845 residential units, 109,00 square feet of commercial office space, 8,840 square feet of retail space, and a 372 car parking garage. The 845 rental units are at the center of a heated controversy.

The owner of the building, Swig Equities, is a real estate development, investment, and management firm based in New York City. In 2005-2006, Swig leased some of the residential units to Furnished Quarters, a hotel organization. Swig Equities stopped renting to Furnished Quarters when the Department of Buildings issued a violation that required an appearance before the Environmental Control Board. Since then, area elected officials have requested that the Attorney General review carefully any condo application from the owner.

An October 2006 ad in the New York Times Magazine is 2 pages and states: sheffield57, Newly Envisioned, Occupancy March 2007 Sales and Design Center, 322 W. 57 Street 212-938-6600. Exclusive Sales Agent: Swig Equities, LLC.

According to CityRealty.com, an article in the October, 2006 edition of The Real Deal by Steve Cutler reported that “With all but 90 of the units vacant, Swig is combining and reshaping apartments…, completely replacing the electrical wiring and plumbing, totally restructuring the plaza, expanding and reconstructing the lobby….”

There are currently twenty-four market rate tenants, who won their case to remain in the building and 90 of the original 100 rent stabilized tenants are staying in the building.

Area elected officials have corresponded with various city agencies, resulting in a stop work order effective in August 2007, due to construction problems.

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UPDATE: 8/10/09

On Thursday, August 6, 2009 Fortress Investment Group, a New York-Based alternative asset management firm,  acquired the Sheffield for $20 million.  Former owner Swig Equities, which purchased the building for $418 million in 2005, was forced to default on loans in the wake of the credit crisis and collapse of the real estate market, and the building was sold at auction.  The Wall Street Journal reports that Fortress was the only bidder.  Fortress plans to relaunch construction and sales, which have been suspended since May due to an expired offering plan.  The building is about 80 percent complete and 47 percent of the condo units have been sold.

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