By Michael Ewing 3/09/12 6:07pm

Troubling Developments

How much for a night here? (Property Shark)

Inside the Brothels of the Rich and Famous: Welcome to the Hovel of Love and Sheffield Arms

What’s a better way to blow the last few thousands of your Wall Street bonus than on a prostitute?

The market is shriveling up, however. In recent months, The NYPD has made some strong sweeps in removing high profile prostitutes off the streets. Well, out of their apartments—no one actually walks the streets anymore thanks to Craiglist and Rentboy.com.

But some of their apartments are a bit iffy. Read More

By Tom Acitelli 6/24/11 12:02pm

boomism

Mr. Swig in 2008.

Is Kent Swig Going Broke?

Nah.

The landlord and developer, once flying so high with Lehman Brothers as his co-pilot, should weather his latest financial troubles just fine. He still owns a large stake in Terra Holdings, which controls two of the city’s swankier residential brokerages, Brown Harris Stevens and Halstead Property; and is a principal in Swig Equities (not to be confused with the Swig Company, which owns a lot of commercial property around the country, particularly in San Francisco).

Unless we’re missing something, Mr. Swig should handily avoid debtor’s prison.

But the perception remains that disaster stalks the amiable Mr. Swig (he fixed us coffee early one morning years ago even after we showed up for an interview on the wrong day). Why is this? To wit, from Buckethead in 2008 to 740 Park just yesterday, a timeline to explain the perception: Read More

By Laura Kusisto 4/06/11 8:04pm

Comebacks

Stirrings at Two Haunted Assets

Life is stirring again at the ghostly Drake Hotel site.

With financing for development sites still virtually frozen, CIM Group has received a $30 million mortgage from Pacific Northwestern Bank on the former home of the Gilded Age hotel, according to public records.

As The Observer reported in February, the spot at Park Avenue and 57th Street is likely the only existing development Read More

By Kat Stoeffel 10:07pm

House Porn

It’s Free to Look: Once Controversial Condos at Columbus Circle Now a Steal [Pics]

It’s time to get reacquainted with The Sheffield at 322 West 37th Street, or the building formerly known as Sheffield57. The Columbus Circle high rise saw a tumultuous conversion from rentals to condominiums last year, led by developer Kent Swig (here profiled by The Observer‘s Dana Rubinstein). Swig reportedly exposed tenants to asbestos, sent a marching band Read More