Sheffield

Sheffield57, the mammoth condo conversion in midtown, has completed sales of over 40 percent of its units, according to its developer Kent Swig. Closings have begun and owners have been moving into the 570 condos.

It's been a long and winding road for Sheffield57 and Mr. Swig. He and his partners bought the rental building in 2005 for $418 million. Doubts soon surfaced that the planned conversion of the more than 800 rental units into a lot fewer condos was too ambitious given the supposedly slowing sales market and the Sheffield's location in commercial-heavy midtown (it's right next to the new Hearst Tower). Then, once the conversion got under way in earnest, 23 market-rate tenants sued Mr. Swig and won in March, allowing them to continue living in the building even though their leases have run out. At the same time, some of the Sheffield's rent-stabilized tenants organized against Mr. Swig, citing safety concerns stemming from the renovations in the building. City inspectors in April found that the ceiling coating in the Sheffield contained asbestos and ordered a halt to any work on the ceiling until an abatement plan could be implemented.

"The trace amounts are way under the legal limit," Mr. Swig told The Observer's Matthew Schuerman in April.

Nonetheless, Mr. Swig was ordered to hire an asbestos-licensed firm to clean the building's common areas and to use a licensed abatement firm to continue work on the ceilings. He also agreed to offer the current tenants air-monitoring tests and cleaning services inside their apartments.

Then, of course, there was the marching band incident. As tenants rallied with City Council Member Gale Brewer outside the building, Mr. Swig apparently sent by a marching band to drown them out.

Whoever said real estate here was subtle?

The owner of the Sheffield57, a West 57th Street building undergoing a contentious condo conversion and renovation , has become very, well, accommodating.

The building’s management sent a memo to the remaining tenants Thursday indicating they would need to vacate their apartments for the night because of a city-ordered asbestos clean-up. Now, however, a building spokesman told The Observer that the original estimate for how long the clean-up would take had been revised downward from 36 hours to “three or four.”  read more »

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City inspectors found that the ceiling coating at the Sheffield on West 57th Street, which is undergoing a renovation as part of a condo conversion, contains asbestos and ordered a halt to any work on the ceiling until an abatement plan could be put into place.  read more »

One of the steps that Kent Swig took to convert the Sheffield from stolid rentals to luxury condos was adding the number seven to each floor (that's how the Sheffield57 came to have 57 stories). It was one of numerous complaints by tenants that The Observer did not report in its story this week about the building's conversion pains. Mr.  read more »

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