Developer Kent Swig has settled with the Sheffield57 condo owners who sued him over $5.4 million in unpaid common charges that he, as sponsor of more than 400 unsold apartments, owes the board, the Observer reports. Swig has agreed to pay the charges to the oft-litigated 57th Street condo conversion, and according to one condo owner, "We have been contacted by several interested developers and investors who are starting to do due diligence on buying out portions of those loans with the intent to foreclose and replace Swig as primary sponsor." [NYO; previously]
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