The original plan for FiDi's 25 Broad Street, for which Kent Swig paid $260 million in 2005, was to take the bank building condo. He got part of the way there before sales slowed and Swig bailed on the building loan. And much like a disgraced celebrity, what was next for 25 Broad was a little more humiliation?and then a comeback of sorts. The building faced a foreclosure from lender Lehman Brothers Holdings, and it's not clear exactly where Lehman is in the foreclosure process. Regardless, Crain's reports the 346 apartments at 25 Broad will be hitting the market as rentals in mid-April. The interrupted condo conversion has left its legacy in the amenities, which include a golf simulator and "stretching yoga area."
Leasing agent Rose Associates hasn't released pricing info yet, but perhaps neighbor and companion in nondom William Beaver House can be our guide. There, prices currently start at $3,550/month for studios, and the building is 25 percent leased.
· Rose Assocs. picks up another tough management job [Crain's]
· Today in FiDi: Foreclosures, PriceChopping, Nondos [Curbed]