Developers Balk At $74M In Condo Sales For Mogul Swig

Law360, New York (March 29, 2012, 5:55 PM EDT) -- Several real estate developers asked a New York state judge Thursday to block embattled real estate mogul Kent Swig from allegedly using about $74 million in condominium sales in the Sheffield residential tower to pay his personal debts.

The dispute centers on the Sheffield, an 845-unit residential tower near Columbus Circle, just off the southwest corner of Manhattan's Central Park. Swig, along with real estate developer Serge Hoyda and others, originally created a joint venture to convert the building's rentals into condos. However, under a 2009...
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