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FiDi Follies: Buyers Walking Away From 25 Broad?

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Swig Equities' condo conversion of 25 Broad Street has had a colorful history, and the latest shade added to the palette is red?for anger! Also called The Exchange, the building was famously de-protected so developer Kent Swig could demolish a rear wing and move the freed up zoning rights down the block to the Nobu Hotel. Then, amidst numerous delays and buyer gripes, 25 Broad's condo plan was somewhat mysteriously dissolved. Now, one of those buyers writes in with an update:

I was an original purchaser who signed a contract back in spring 2007. The contracts were of course nullified due to the condo plan being dissolved back in May of this year. After that happened and Swig mysteriously filed a new plan under a different section, we were presented with new contracts to be signed within 90 days. The 90 days expired this week and myself and, as I understand it, many of the other would-be purchasers are walking away. It's just too much to ask that we take another chance on Swig after he has messed this project up so badly. This could have been a fabulous building. Swig seems to be going out of his way to destroy it. What a shame.Our tipster adds a particularly scandalous rumor that, in order to qualify for the 15% needed to make the new plan effective, a friend of the developer invested in a block of apartments in the building. This building has made quite a few enemies, so who knows? There was no comment coming out of the Swig camp on the topic of 25 Broad, and all we know officially is that the new plan is indeed effective.
· The Exchange [Official Site]
· 25 Broad coverage [Curbed]

25 Broad Street

25 Broad Street, New York, NY 10005 Visit Website