Swig Burris Equities begins conversion at 48 Wall St.

Construction has begun on the conversion of 48 Wall Street, a 310,000 square-foot commercial office building in Downtown Manhattan, into a luxury residential tower, it was announced by Kent M. Swig, principal of Swig Burris Equities, LLC.

In association with Kirk MacDonald and Bryce MacDonald of MacDonald & Cie, Swig Burris Equities purchased 48 Wall Street, which until recently was occupied by The Bank of New York. The new ownership group is only the third owner since the Dutch conveyed the land to The Bank of New York in 1796, which then sold the building to Swig Burris Equities in March 1998.

The building will now be known as The Residences at 48 Wall Street and is scheduled for completion in May 2000. "Forty-Eight Wall Street is a magnificent landmark building, which we anticipate becoming the centerpiece of luxury residential living on Wall Street," said Swig.

Located on the northeast corner of Wall and William streets, one block from the New York Stock Exchange, this 36-story landmark building, which has retained much of its original 1922 architectural detail, will be converted into 279 luxury residential units, 26,482 net rentable square feet of retail space and parking for at least 56 cars. The building will include 108 traditional residential apartments, made up of studio, one- and two-bedroom units. The remaining 169 apartments will be operated as furnished apartments, rented on a short-term basis with an average stay of three to nine months, and will consist of mostly studio and one-bedroom apartments.

The building's Grand Mezzanine has double height ceilings with arched wall panels, while magnificent windows highlight the room, along with chandeliers and backlighting.

Luxury amenities will include 24-hour valet, doorman and concierge; a 2,600 square-foot conference center located on the third floor, which is the original Board of Directors room that was built in 1926; a full-service exercise and fitness facility; state-of-the-art GE kitchen appliances: 10-foot ceilings; marble bathroom, floors and vanity tops; laundry rooms on each floor; and a sundeck featuring an interior catering kitchen and recreation area. Additional amenities for furnished apartments will include a fully equipped kitchen; laundry service and housekeeping.

Swig Burris Equities, LLC is a real estate development, investment and management firm based in New York City, with offices in San Francisco. The firm is an active purchaser and developer of prime residential and commercial buildings, as well as operating companies and securities. Swig Burris has a proven track record in the development of more than $2 billion of residential, commercial and hotel properties.