Bloomberg News reports that hedge fund and buyout firm Fortress Investment Group will likely acquire developer Kent Swig's troubled Sheffield57 condo conversion. According to two sources Fortress bought the senior mezzanine debt and will assume ownership, and the deal "paves the way for construction to resume on the building at West 57th Street...and for payment of all construction debts, the people said." The oft-litigated building is 47% sold. [Bloomberg; previously]
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