Largest residential sale ever.A joint venture of YL Real Estate Developers, S&H Equities (NY) Inc. and Swig Burris Equities officially announced that they have closed on the purchase of The Sheffield located at 322 West 57th West 57th can refer to:
This 50-story building was built by Rose Associates in 1978. Principals in the transaction include Yair Levy of YL Real Estate Developers, Serge Hoyda of S&H Equities (NY) Inc., and Kent M. Swig of Swig Burris Equities. At a capitalization of almost $545 million, the deal represents the largest sale of a single residential building in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Acquisition financing was provided by CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. . The Sheffield consists of 845 residential units, 109,000 square feet of commercial office space, 6,900 square feet of retail space, and a 345 car parking garage. "The Sheffield is among the finest luxury residential buildings in one of the most vibrant areas of the City." "The Columbus Circle area at the beginning of the Upper West Side is one of the most attractive neighborhoods in which to live and work in Manhattan, and our joint venture of Yair Levy and Serge Hoyda makes a wonderful ownership combination," said Kent M. Swig, principal Swig Burris Equities. "The Sheffield is located at the gateway to the Upper West Side and it brings luxury living to a thirsty international community," said Yair Levy president of YL Real Estate Developers. YL Real Estate Developers is primarily involved in the conversion and development of properties in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Serge Hoyda has been President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of S&H Equities (NY) Inc. since 1992. He is well known as one of the first entrepreneurs of the Lower East Side in Manhattan |
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