Hearst Buys Over Six Floors In The Sheffield
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The publishing company Hearst is gobbling up property south of Columbus Circle with all the gluttonous verve of a real estate tycoon.
In another blockbuster deal, the Hearst Corporation has purchased the commercial portion of The Sheffield, a 41-story residential tower next door to its headquarters, for $95 million. The deal will close this week, said Kent Swig, the owner of The Sheffield at 322 West 57th Street.
Hearst will become the landlord of 109,000 square feet of office space, a spokeswoman for Hearst confirmed.
The Sheffield is literally next-door to Hearst’s new 46-story skyscraper, giving the impression that the publisher is on the brink of creating a Columbus Circle-area campus for its national publications, such as Esquire, O, Cosmopolitan and Harper’s Bazaar.
The buy is just the latest real estate deal in midtown for Hearst. Last year, it opened a $500 million skyscraper above its historic headquarters on Eighth Avenue; earlier this year, it sold a $160 million development site to Mort Zuckerman; in the past three months, as The Observer reported last week, it has purchased $29 million worth of midtown apartment buildings around the corner from its tower.
Mr. Swig said he originally approached Hearst’s real estate brokers, the CB Richard Ellis team of Darcy Stacom and Bill Shanahan, to see if Hearst had interest in the space. They jumped at it.
“We put this out as a package to them,” he said. “They wanted everything, which evidences their interest in maintaining the quality and integrity and security of the block. They wanted all of it.”
And that’s what they got. Mr. Swig said Hearst will control floors two through six and part of the seventh, and will take control of the retail portion of the building (a Starbucks and a vacant space on 57th Street) and a parking garage between both buildings.
Now the question: why are they buying?
The Sheffield’s office space currently has nine tenants, according to a sign in the building’s lobby, with leases beginning to roll over in three years. Amy Davidson, the spokeswoman for Hearst, said the buy was “for future growth.”
She wouldn’t quite say that Hearst was out of space at its new 850,000-square-foot tower, which opened only last year, but she wrote in an e-mail that “there is no significant unused office space at the Tower.”
It’s one thing if Hearst needs extra office space, but it’s a bit of a mystery as to why it has been purchasing four-story apartment buildings in the area. Mr. Swig said it was an investment.
“I would assume when they spent time and money to create a world-class headquarters like they did that they would be interested to own more of the block to maintain the safety and integrity and quality of the area,” he said.
Hmm … but an investment of what exactly? Another development site?
In any event, for Mr. Swig, the deal is a welcome bit of good news at The Sheffield, which has been surrounded with a cloud of controversy since he bought it. Next Page >
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There are more than 4 or 5 stabliized tenants "at war' with Swig's underhanded tactics in his renovation of a once wonderful building. He's illegally removed asbestos, endangering not only the building tenants, but NYC residents too as he illegally disposed the asbestos he removed. His use of non-union, unskilled laborers to save money has also caused many construction accidents in the building involving tenants and workers. Go to www.curbed.com to read some of the things that have happened in the Sheffield57. Swig's spin stops here!
Yeah right...4 or 5 rent stabilized tenants making the trouble??? More Swig nonsense!!! It's more like 40 or 50 rent stabies and 25 Fair Mkt people making trouble for Swig and his band of lying criminals on the 16th floor. They are tired of living in the inhumane way that Swig has forced them to live with in the past year. It is called FIGHTING BACK...and there is more of it coming for Swig and Co.
Btw...If your even thinking of buying here check out the quality of the work done by his non union and unskilled laborers.You are buying junk really expensive junk.
I am a stabilized tenant at the Sheffield57 - the above posters are market-rate hacks who are looking for a free ride from a successful, wealthy developer. Swig has done nothing short of a marvelous job transforming the Sheffield57 from a unremarkable rental building into a wonderful, luxurious condominium. I am honored to live here - but these holdovers need to get over themselves. The problem is - there are a few market-rate holdovers who think they are entitled to BIG $$$ because of the conversion, and they are trying to become enough of a nuisance that Swig pays them off... they are making false claims using big words like asbestos but really have nothing to complain about - the stabilized tenants are very pleased with the construction, which while not easy to live through, will make our home a wonderful place to live for years to come. Just look at what they have done so far - it looks great!
We just hope that the small number of holdovers stop asking us to contribute to their legal defense fund and move somewhere else where they are legally entitled to stay.
The renovations are impeccable - what a truly wonderful building. Bravo, Mr. Swig, and good luck fighting the ungrateful holdovers! We wish you all the best!
I looked at curbed.com, and except for a couple of clearly unintelligent posters with an agenda, the Sheffield57 conversion looks like a slam-dunk success!
I have seen the finishes and they are top of the line. And the views and amenities are the best of any condominimum in the City.
I hope that the poor souls fighting against development (let's face it, development is good!) will not succeed against this classy developer.
The construction is solid, and I REALLY like the finishes. And as a broker in this City, I know that the apartments are really selling. Great buzz about the Sheffield. Great location, too...
Thank you greg kirschenbaum for your last 2 posts and comments..What you should really tell people is that "real" real estate agents have begun blacklisting the building..
Definately the posts were from "KENTS KRIMINALS" on the 16th floor.
BTW...Where's the driveway?
I am a broker and my clients love the Sheffield57. Not sure what the fuss is about, but my clients are VERY happy with their purchase and the product (from what I have seen) looks great. This is on my company's (big 5) "hot list".
At last somegood news for Mr.Swig! What a coo to have a large company have so much confidence in what you have worked so hard to establish. I wish you much continued success in this venture and less negativity. Hopefully I will get a personal tour someday.
Keep up the good work!
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