Sale at 25 Broad Street #7D

http://www.streeteasy.com/nyc/building/25-broad-street-new_york

"Sales have been temporarily suspended at 25 Broad"

Probably a duplicate or accidentally orphaned listing. Definitely not active. You can report the error to Streeteasy and they'll look into it.

newbie, evnyc, weird. talk about shadow inventory. but evnyc, you did notice it was listed today?

Good eye, AR! I totally missed that. And check this out:

http://www.swigequities.com/portfolio/availability.aspx?PropertyID=39

Quite the list of available apartments!

newbie, i don't know what happened at 25 broad. i recall something about it being at least partially financed by lehman, and i've read recently (but not paid any real attention so i don't know the details) of some activity in the lehman case. i thought swig was shut down at both the sheffield and 25 broad, but i guess i may have been wrong about the latter.

evnyc, lurking in the shadows indeed.

If I'm remembering correctly, this building has an interesting history of flippy-floppying.

Got foreclosed on in 1991 and sold by bank in 94 (took bank 3 years to offload it) for what looks like $5 million to a group who intends to refurb it as "Class A" office space. But commercial rents don't justify that, so...

It gets sold again in 1996 to (I think) Crescent Heights out of Florida who develops it into the first major rental project in Fidi. It is not all that well received and takes a while to rent out. Total project cots probably somwhere in the $50 million range.

In 2005, Swig pays $260 million for it, almost all borrowed from Lehman.

the rest, as they say, is history (not that the stuff i just listed isn't, it's just an expression lol).