Sheffield 57

I have a feeling that the 50% number is of apartments that were made available for sale. That number is only a piece of total apartments. This was a conversion from residential, and a number of folks are still renting (and apparently suing).

No I suspect 50% might be right. 50% of the building has open views, the other 50% stares directly at the Hearst building. The bad 50% might get sold if it were priced appropriated but no.

that place is a hot mess, what an ugly exterior no matter what they do inside.

compare to 75 Wall

I would be very careful about purchasing at this property. According to a recent Curbed.com posting: "Work in the building has come to a halt as the contractors walked off the job earlier in the month for non-payment. Welcome to Sheffield57 and surprise! Twenty-five new owners have been served with liens from the window installation company. Swig didn't pay the bills so the company is going after individual owners."

http://ny.therealdeal.com/articles/lender-alleges-swig-defaulted-on-25-broad-loan-inflated-sheffield-stake

they aren't constructing the building as advertised/planned. developer has defaulted. lawsuit against the developer...

Even more mess: http://www.nytimes.com/2009/06/10/nyregion/10condo.html

It is my understanding you cannot buy there now because of a court order stopping sales. That should give you an idea of the risks involved.

Trompiloco--Wow, I didn't know they were in such bad shape! I knew the 50% sold figure had fine prints (50% of phase 1 releases, which may have been 2 units...), but with their unique amenities (e.g., in-house pet sitting center) and desirable location, I thought they MIGHT just pull it off if the prices could be adjusted to the $1,300pf range to be more competitive w/ others in the area. The bldg. certainly had the "it" factor, but sorry to hear it has been doing THAT badly...

I used to visit a friend at The Sheffield when it was a rental. Nice building then. He had to move - no lease renewal as they planned the condo conversion.

Went back a month or so ago to look at an "open house", management offered rental. From the doorman, to the "concierge" to the "what open house?" to finally getting to the apartment through poorly renovated hallways displaying truly awful workmanship, a totally crude, no class operation that made me shudder.

This is how it's supposed to work....
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVtXospihH6Q