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New York

Swig may lose 80 Broad Street


Kent Swig and 80 Broad Street

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Embattled
developer Kent Swig is in danger of losing 80 Broad Street after one of
his lenders foreclosed on the property last week, Crain’s reported.
Swig had defaulted on a $12 million loan on the 75-year-old, 36-story
Financial District tower, which Lane Capital Partners purchased earlier
this year, according to Alan Leavitt, founder of the company. The deal
for his company to take over the property still hasn’t closed, Leavitt
said today. Last year, Swig lost a major residential real estate
project, Sheffield 57, to foreclosure and auction. Several of Swig’s other properties are also struggling financially. There are at
least $50 million in judgments against him for a variety of failed projects. Last year, Swig warned in a court filing that he might have to file personal bankruptcy. [Crain’s]