Kent Swig, the scion of one of San Francisco’s most prominent real-estate families, is no stranger to conflict. But nothing likely could have prepared Mr. Swig for the wars on numerous fronts that he has faced as the Manhattan condominium market has unraveled. He has faced a range of financial problems on his four condo projects, including the 597-unit Sheffield57, one of the largest condo projects in the city.Mr. Swig’s battles are a sample of what is happening nationwide in the condo-development sector as thousands of new units keep being delivered into a market in which demand has evaporated. In Manhattan alone, where vacant inventory stands at record levels, some 4,500 new condo units in 44 buildings are expected to come online this year, according to Reis Inc., a real-estate research firm.
By Nick Timiraos, May 7, 2009, WSJ

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