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Old Posted Oct 21, 2011, 5:54 PM
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45 Broad Street to hit the auction block

October 21, 2011
By Katherine Clarke

Lehman Brothers Holdings is expected to take control of a Kent Swig development site at 45 Broad Street at a foreclosure auction scheduled for next month. Swig's Swig Equities lost control of the site after Lehman filed to foreclose in 2009; the site was then put in the hands of a court-appointed receiver.

When contacted by The Real Deal, a representative for Swig Equities confirmed the auction, but declined to comment further. Patricia Mattoon, a principal at Mattoon Real Estate and the court-appointed receiver, said: "Swig still owns the property until the foreclosure auction proceedings are complete."

When the company first purchased the site in 2006 for $29 million, Kent Swig had plans to construct a 62-story hotel and condominium development named Nobu Hotel and Residences. He partnered with actor Robert De Niro on the project, which never saw the light of day.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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