RCA in the commercial property press:

Kent Swig Faces Uphill Battle for Control of NYC's 80 Broad St

New York Post reports: In his “Realty Check” column for the New York Post, Steve Cuozzo recently detailed the status of several properties in Manhattan. Among his picks included 80 Broad St in the city’s Battery City.

Kent Swig, who Dana Rubinstein of the New York Observer described as “the New York developer whose fortunes this recession have dropped as fast as a boulder off a cliff,” originally purchased 80 Broad St in 2004 for $70 million. The Post today revealed that JE Robert Company – the special servicer for the property's $75 million senior mortgage loan – will be selling the debt through a team at Cushman & Wakefield.

Real Capital Analytics managing director Dan Fasulo remarked tot the Post that Mr Swig, “…is going to have to work magic to keep this one…” as it will be very appealing to the sector’s debt investors who purchase defaulted loans such as the one backing 80 Broad St to take control of the property.

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Posted by: Nina Turner

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