Fortress Investment Group LLC won the bidding Thursday for a $640 million Manhattan condominium conversion project called Sheffield57, wresting control from New York developer Kent Swig after he defaulted on loans.

Fortress made the only bid for the building at 322 West 57th St. and is to invest additional money to finish remaking the 58-story apartment tower overlooking Central Park into luxury condos.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.