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Sheffield's Price Tag: $20 Million

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The results of today's foreclosure "auction" (there was only one bidder) are in: Fortress Investment Group grabbed hold of the troubled Sheffield57 condo conversion for $20 million. As pointed out this morning, the building traded for $418 million in 2005. A lawyer representing hundreds of buyers in the building will meet with Fortress this afternoon to discuss the relaunch of construction and sales, which were suspended back in May. Developer Kent Swig is no longer steering the ship, but the rumor is he still has some sort of interest in the project. [Real Deal]