Swig MXD Tower Has Industry Confidence

NEW YORK CITY-Some commercial real estate insiders have recently expressed nervousness in regards to the current economic state. However, Kent Swig, president of locally-based Swig Equities LLC, who recently revealed plans to construct a 62-story, luxury, mixed-use development Downtown, tells GlobeSt.com that the real estate market is strong. “I would rather be building into a better market than one that is slipping.”

Swig tells GlobeSt.com that construction on the all-glass tower development, which includes the US debut of the Nobu Hotel and Residences and a Nobu restaurant, will take anywhere from 20 to 24 months to build, “and I am assuming that we will be in a better market then, than we are today.” Although Swig says he has construction cost numbers, he cannot provide them at this time. He did note that he anticipates ground-breaking in the third quarter of this year.

He explains that it is a great time to be Downtown. “There are more and more tenants heading there.” The tower will be located in the heart of Lower Manhattan’s Financial District neighborhood at 45 Broad St., across and down the street from the New York Stock Exchange.

Baye

Hotel experts note that there is a lot of confidence in Downtown at the moment. Sumner Baye, president and partner of International Hotel Network, tells GlobeSt.com, that “Downtown is a very interesting situation. A lot of success for projects, such as these, depends on who will remain downtown,” he says referring to the importance of keeping tenants such as the banking/financial world downtown.

“Although we are in a tighter money market, I have no doubt in Swig’s ability to get things done,” he says, although he explains that as with any situation, there are always risks to consider. “We are talking about looking at the future and what it’s going to look like two years from now,” he says. “It’s always a gamble, because you never know what things are going to be like a few years from now, however I believe that area will be very much alive.”