A scion and his money are soon parted

Kent Swig, child, grandchild and ex- son in law of real real estate developers, arrived in New York from San Franciso in 2005 determined to be the king of high end condos. Perfect timing.

I have it on excellent authority (a highly-placed broker with one of NYC’s premier real estate developer/brokerage firms) that all sales of their luxury projects in the city stopped cold on September 15th, the day the music died. Since then they’ve had plenty of cancellations but not a single contract.This individual has seen the writing on the (unfinished) walls and turned all the projetcs, hundreds or even thousands of units, over to his firm’s distressed property division. That can’t be good.

3 Comments

Filed under Uncategorized

3 responses to “A scion and his money are soon parted

  1. Stanwich

    I know Kent and he is the opposite of what you would expect in a real estate mogul — he is nice, down to earth, honest, smart and respectable. While several of his residential projects might be in danger of falling apart, he has a very strong portfolio, especially in New York. Just remember that financial difficulties don’t always mean Antares-esque ego and incompetence. There are a lot of people who got a bit caught up in the real estate bubble, some just did it on a bigger scale. And despite what the evicted residents at Sheffield57 contend, Kent went about that conversion taking every care to follow the rules.

    • christopherfountain

      Stan – I stand corrected. Quite snarky of me to make fun of a guy I don’t know and know nothing about. The rest of the post, concerning the mess NYC real estate is in, is more accurate.

  2. cynic1

    I know Kent as well and will agree in the most part with Stan’s assessment of him personally. Unfortunately he has surrounded himself with a number of sycophants who very well have taken him for a renumerative ride. And since he is prone to wanting to please, the combination has proved to be deadly. As I understand it all of the properties that havent been turned over to his lenders in quiet surrender are performing poorly based on their original purchase prices which envisioned a hockey stick market for largely downtown coops. Whoops!