Swig Burris Adds Another Downtown Property to its Portfolio

NEW YORK CITY- Adding another Lower Manhattan property to its roster, Swig Burris Equities has purchased the 25-story 318,600-sf 5 Hanover Square. A purchase price was not disclosed; current rents in the property are in the low $30s per sf for the upper floors and in the mid to upper $20s for the lower levels.

“The acquisition and renovation of 5 Hanover Square is another example of the confidence we have in Lower Manhattan as the area rebuilds and plans are formulated for the World Trade Center site,” explains Kent M. Swig, principal of Swig Burris Equities.

Acquisition financing for the purchase was provided by Santa Monica, CA-based Fremont Investment and Loan, which was arranged by Cooper Horowitz. A mezzanine loan was provided by Longview and was arranged by Jonathan Estreich, who also serves as a principal of Longview. Swig Burris was represented by Rob Sorin, Joelle Halprin, Randall Rothschild and Bill Stempel of Fried Frank Harris Shriver and Jacobson, while the seller was represented by Jeffrey Randall Karp, a private practitioner.