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Thread: Sheffield57 - 322 West 57th Street - Midtown - Condo - by Emery Roth & Sons

  1. #121

    Default fully prepared for the delay ????

    when did u move in ?

    some that first moved in a year ago were told the health
    club would be ready in 6 months .

    They havent even started it yet.

    one unit unrenovated sold for 10% less than black book .
    18N . one bedroom 875K .

    you can check ACRIS NYC website .

  2. #122


    Thanks ReelDeel.
    Sorry, I wasn't clear - I have not moved in yet, but since my original post 2 weeks back, have closed.

    Yeah, I see that the health club and outside landscaping is not started yet. And sales office was not so good at providing realistic estimates of anything.

    On the positive side, building staff seems super-professional and helpful.

    Thanks for the link. I was looking more for any forum or mailing list that the condo owners use to go over everyday issues (e.g., what window shades to get, washer/dryers, building services, neighborhood finds). Unfortunately, the tenants website doesn't fit that bill!

  3. #123

    Default Dude GET YOR DEPOSIT BACK !

    The developer Swig s having financial difficulties here .
    Construction people were laid off in July and havent been back. S+P has their debt on creditwatch .
    The lobby by the elevators is the same sorry state as it was a year ago. They still havent started the health club.
    THEY DONT HAVE THE MONEY . The buyers originally were told it would be ready in February 2008 lol .


    if they give you trouble with your deposit tell them you werent informed that the dont have a permit for the driveway.
    And they didnt tell you about the asbestos under the floors. And you will go to the AG's office.
    These are material facts and you are a victim of fraud.
    Take a look at the carpeting oin the hallways. Stains all over. They dont spend on any maintenance besides the cheap basics.
    Ask to see the condo financials. They havent released them even though the by laws say they must.



  4. #124

    Default Seems the partners at Sheffield57 have real problems between themselves



  5. #125


    Seems like this development may have trouble completing.

  6. #126

    Default Residents?

    Anyone who has moved in have any comments about when the amenities would be completed?

  7. #127

  8. #128

    Default sheffield57 a disaster . .

    developer Swig has no money to complete the project.
    the building is badly maintained.

    buyers got stuck and was suckered by lies from the sales office. Everything from lying about the driveway being completed when they didnt even have the permits.

    see the articles.

    no new healthclub but a revamp of the old one.

    bait and switch

    should be called Enron57

  9. #129

  10. #130
    Banned Member
    Join Date
    Dec 2002
    Park Slope, Brooklyn, NY


    June 10, 2009

    Assault Accusations, a Lawsuit and a Notorious Condo Deal

    Yair Levy, a once high-flying real estate mogul, pleaded guilty last month to harassing his partner with an ice bucket during a rather intense business meeting. But Mr. Levy is not done with that partner yet.

    On Tuesday, he filed a lawsuit in State Supreme Court in Manhattan claiming that the partner, Kent M. Swig, “siphoned off” $50 million in construction funds for “personal or unrelated purposes” instead of putting it into work at their property: the Sheffield, a 50-story residential building on West 57th Street.

    The Sheffield57, as it is now known, is already well on its way to being one of the most disastrous condominium conversions in city history. After almost two years of marketing, only 40 percent of 597 apartments have been sold. Condominium owners are suing the partners, as are the market-rate tenants and the rent-regulated tenants. Unpaid contractors have placed liens against the units. And last month, the state attorney general halted sales altogether.

    According to the suit, the partners — who include Serge Hoyda, who joined Mr. Levy in bringing the lawsuit — are also in default on at least $100 million in loans. Although Mr. Levy and Mr. Hoyda own a 70 percent stake in the Sheffield, they claim that Mr. Swig, who was responsible for day-to-day operations, secretly conspired with two of the lenders to sell the building out from under them.

    “Yair Levy and Serge Hoyda, investors in the Sheffield Sponsor, have been victimized by Kent Swig, who took millions in loan advances from the senior lenders, Wells Fargo and Guggenheim, when those lenders knew Swig was vastly over budget and knew or should have known that Swig was using the loan proceeds for personal purposes,” said Stephen B. Meister, a lawyer for Mr. Levy and Mr. Hoyda. “They are now attempting to sell their loans to investors who intend on foreclosing.”

    Mr. Swig, the scion of a San Francisco real estate family, could not be reached for comment. An executive at his office said he was unaware of the suit.

    The problems at Sheffield57 and the tensions between the partners are neither new nor unique at a time when real estate values have fallen sharply and owners are falling into foreclosure. But the suit does provide a glimpse into one of New York’s favorite blood sports, real estate.

    In September, Mr. Swig told the police that Mr. Levy had hit him in the right shoulder and right hand with a metal ice bucket during a meeting at Mr. Swig’s lawyer’s office. On May 22, Mr. Levy pleaded guilty to harassment and was sentenced to two days of community service.

    The partnership began in 2005 with visions of a gold mine. The partners bought the Sheffield for $418 million, a record, at a time when there seemed to be an insatiable demand for housing at almost any price. They planned to convert the 853 one-bedroom and studio apartments into roughly 600 larger units, selling for $1,300 a square foot.

    Mr. Levy and Mr. Hoyda together put in $17 million, while Mr. Swig contributed $7.5 million, and together they borrowed more than $500 million.

    Since Mr. Swig was an experienced developer, he took over daily operations and budgeted $38 million for building renovations. A year later, Mr. Swig said they needed another $59 million to complete the renovations.

    According to the suit, Mr. Swig then paid his own construction company $6 million in “unearned fees” and hired another company, Pinnacle, to do the work. “Despite having requisitioned and drawn the roughly $50 million invoiced by Pinnacle,” the suit says, “Swig shorted Pinnacle $14 million, keeping these funds in his own company, Falcon.”

    The suit also contends that Mr. Swig improperly paid another of his companies, Swig Equities, millions in commissions.

    In addition to the partners’ suit, rent-regulated and market-rent tenants are suing, claiming improper evictions and failure to properly maintain the building. Separately, a complaint to the state attorney general, Andrew M. Cuomo, in April on behalf of about 100 condo owners said that the building’s three owners had failed to pay $5.4 million in common charges over 20 months for the hundreds of units they control, improperly withdrawn tens of thousands of dollars from the Sheffield’s reserve funds and failed to provide a certified audit.

    Copyright 2009 The New York Times Company

  11. #131

    Default All I have to say is BUGS!

    I just moved into the Sheffield (renting), and its been a month and a half.. and I am still dealing with bug problems. Silverfish bugs, only had one waterbug. I've had 6 weekly exterminations which can not be good for my health. In my opinion, this place is high priced and old - it looks new, but its so old and not well-maintained. For this price, I really shouldn't have a bug problem. What happened is that they installed cheap laminate floors wtih wide gaps because ostensibly they shrink and expand with the weather (I've had these floors before and they really don't), so these bugs live down there and come up at night. They also live underneath the kitchen cabinets where moisture is.

  12. #132


    Quote Originally Posted by Edward View Post

    Only a city as architecturally sad as NY could this brown turd generate any excitement. In most cities, this POT would be public housing.

  13. #133
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    The only excitement it's generating these days is among the lawyers.

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