Developer Kent Swig's condo conversion experience at the Sheffield on 57th Street has been nothing short of a nightmare, which may be why he now appears to be a motivated seller on another controversial property in his portfolio. Swig bought adjoining properties on the Upper West Side?201 West 92nd Street and 200 West 93rd Street?for $54 million, and he planned on using the buildings' air rights to tack on some condofied additions on top. Pissed tenants and local politicians managed to get him to back off for a while by getting the DOB involved. Then the Daily Intel reported in April that Massey Knakel had the listing for the buildings, at $90 million. That flip would have been a good way for Swig to back out with his head held high, but now the buildings have popped up with Eastern Consolidated for a far reduced $72 million. Interestingly, according to the listing, the rooftop extensions have been approved, and a building permit is expected by the end of the month. At least if it sells, Swig won't have to be the guy who calls in the marching band.
· Listing: 201 West 92nd Street [Eastern Conslidated]
· On the Upper West Side, a Rare Win for Tenants [Daily Intel]