25 Broad St. bought by Swig for $200m.Well known for his commercial holdings downtown, Kent Swig added a residential property to his portfolio with the $200 million plus purchase of 25 Broad Street this week from developer Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Heights. Swig's winning bid on the hotly hot·ly adv. In an intense or fiery way: a hotly contested will. Adv. 1. hotly - in a heated manner; "`To say I am behind the strike is so much nonsense,' declared Mr Harvey heatedly"; "the contested and loftily loft·y adj. loft·i·er, loft·i·est 1. Of imposing height. 2. Elevated in character; exalted. 3. Affecting grandness; pompous. 4. Arrogant; haughty. priced asset is a testament to his bullishness on downtown, whose lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. rents and higher vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates have left many puzzled when a turnaround will take hold. While a residential property such as 25 Broad Street seems immune from those types of cash flow worries that are specific to the commercial arena, many residential brokers have speculated the area's condos could be among the first to take a hit if the Manhattan residential market falters. Although downtown conversions have been numerous to say the least, Swig considers 25 Broad Street a unique asset. Converted from offices to rental apartments in 1997, the building feels like it was never a commercial space Swig said, lauding Crescent's work in renovating the property. "It doesn't have those awkward spaces that a lot of conversion properties do," Swig said. "There's no 'computer rooms' or 'storage rooms', the layouts are perfect and the ceilings are high. This has been one of the more intelligent conversions." Swig has had plenty of time to observe the building's success. He owns five commercial properties within nearly a block's radius and agrees with the prevailing idea that the residential and commercial markets synergistically syn·er·gis·tic adj. 1. Of or relating to synergy: a synergistic effect. 2. Producing or capable of producing synergy: synergistic drugs. 3. will feed off of one another. Many brokers believe that as the residential market gives downtown a more 'neighborhood' type of feel, more will flock flock 1. a group of one species of animal or bird which eats or travels or is kept together, e.g. flock of sheep, of wild geese. 2. wool or cotton particles or debris used as stuffing or packing. not only to live there, but also work there, which in turn will buoy the office market. "I'm a big believer," Swig said. "This area is poised to take off within the next three to seven years." In 1998, Swig purchased 48 Wall Street with the idea of converting it to residential, but the office market became so strong he has maintained the building as an office property. Though speculation abounds that 25 Broad Street will be converted from rental units to condos, Swig said that he hadn't yet decided to part with the current configuration. |
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