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Lien Times at 25 Broad

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Swig Equities recently suspended sales at the troubled condo conversion at 25 Broad Street (aka The Exchange) due to the bankruptcy of Lehman Brothers, but the problems don't end there, The Real Deal reports: "Nova Development Group, of New Brunswick, NJ, which provided asbestos abatement at 25 Broad Street and Exchange Place, filed a lawsuit in Manhattan State Supreme Court September 10, seeking $764,100 for work done between February and July this year, according to the complaint. ... Swig Equities said in a statement that it expected more subcontractors and contractors to file mechanic's liens against the building because Swig’s funding from Lehman Brothers has been halted, rendering the developer unable to pay the contractors." [Real Deal; previously]

25 Broad Street

25 Broad Street, New York, NY 10005 Visit Website