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Sheffield57 Sold at Foreclosure Auction

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Posted12/Aug/2009 11:20:00
AuthorS.T.E.

The Real Deal reports that Sheffield57 has been sold at a foreclosure auction to a Manhattan-based hedge fund for just $20M.

This formerly rental building was bought for a record $418 million in 2005 by a consortium led by Swig Equities and subsequently converted into a condominium.

The condo owners expect the new owner to finish construction and resume sales.

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