The Real Deal New York

Liz Swig has finally found a buyer for $22.5M 740 Park pad

Unit received $10M price chop last year

April 15, 2016 01:39PM
By Katherine Clarke

Kent and Liz Swig and their former 740 Park Avenue apartment

Kent and Liz Swig and their former 740 Park Avenue apartment

Crack open the champagne! Liz Swig has finally found a buyer for the glitzy 740 Park Avenue apartment she once shared with ex-husband Kent Swig, more than two years after putting in on the market.

An almighty price cut back in November seems to have done the trick for Liz. The unit, which is currently in contract, was last priced at $22.5 million, a $10 million reduction from the $32.5 million it listed for in 2014, records show.

Elizabeth, daughter of developer Harry Macklowe, also switched brokers when she relisted the property late last year, swapping Kathy Sloane of Brown Harris Stevens for Deborah Grubman, David Dubin and Paul Albano of the Corcoran Group.

Grubman declined to comment on the identity of the buyer or the final contract price.

The duplex, four-bedroom pad was previously the focus of a messy, very public legal battle between the Swigs. Liz claimed that Kent secretly used $12.5 million borrowed against the apartment to settle some of his business debts, putting the apartment at risk of foreclosure.

She reportedly had to turn to her father to help bail the couple out at the white glove co-op, whose residents include billionaire David Koch, Blackstone chairman and CEO Stephen Schwarzman and designer Vera Wang.

The apartment has patterned parquet floors, a dramatic circular staircase, a private terrace and a formal dining room and staff wing, according to the listing.

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