In a stunning bit of post-market-close news from the Elysian Fields of the Financial District, developer Swig Equities tells Curbed that they've temporarily suspended sales at the condo conversion project 25 Broad (aka The Exchange). Here's the official statement just emailed to us from a spokesperson:
Due to the bankruptcy of Lehman Brothers Holdings, Inc., 25 Broad, LLC, the Sponsor of the Exchange at 25 Broad Street, has elected to temporarily suspend sales until such time as the bankruptcy court overseeing the Lehman estate can provide clear direction as to the status of 25 Broad's Effectiveness Amendment and Declaration of Condominium.
You'll remember that rumors of problems at 25 Broad have been swirling for months, following the dissolving of the first condo plan back in May. A few weeks back, we received word that buyers were walking away from the building. Then, just this morning, we got the following tip from a special Curbed operative: "25 Broad just fired the entire sales office and shut down operations." (The statement above came in response to our request for comment on the veracity of said tip.) Anyway, in the good news department, the G7 have agreed to take up the cause of 25 Broad at their meeting this weekend. What's one more bailout?
· FiDi Follies: Buyers Walking Away from 25 Broad [Curbed]
· All of Curbed's 25 Broad Coverage [Curbed]For more stories from Curbed, go to curbed.com.