Manhattan Real Estate and Swig Equities: When Giants Fall

It sounds like Swig Equities is looking for some hope under the tree this year. It’s hard to watch a successful giant of the New York real estate game fall, but it’s even harder to look away. The well-publicized slide of his real estate ventures saw his Sheffield57 condo go to foreclosure auctions and his offices recently rattled by possible eviction proceedings.

Photo Credit: ShellyS

Kent Swig's problems have only grown since trying his luck on the Sheffield57 property.

Swig Equities

Other holes in Swig Equities? The payroll has been a few days late more than once this year. Diesel jeans, Swig Equities’ landlord, served a 3 day notice of pending eviction proceedings. Capital One placed Swig’s 2007 loan on the 140 Williams Street building into special servicing.

“I’m meeting with all his creditors and trying to come up with a global restructuring so he can live to fight another day, like many real estate developers have in the past and will in the future, and we’re very hopeful he’ll be one of those,” Y. David Scharf, Mr. Swig’s attorney, told the New York Observer.

While it’s refreshing to see that kind of loyalty, optimism may help in negotiations but it doesn’t pay the rent. I can only imagine both Swig and his employees are hoping Santa drops by their office this season.

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