Posted Oct 21, 2011, 5:54 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,862
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http://therealdeal.com/newyork/artic...ers-foreclosed
45 Broad Street to hit the auction block
October 21, 2011
By Katherine Clarke
Quote:
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.
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