From left: Square Mile co-founders Craig Solomon and Jeff Citrin
From the March issue: In 2007, a little-known real estate fund called Square Mile Capital Management made $38 million in loans to Kent Swig, then a red-hot New York City real estate player, for him to complete his high-profile condo conversions at both the Sheffield and 25 Broad Street. Square Mile forced Swig to pledge equity in his condos as collateral for the funds, but by 2008, Swig’s empire was beginning to crumble, and Square Mile moved swiftly to collect. The lender alleged that Swig not only defaulted on a loan backed by 25 Broad Street, but overstated his true investment in the Sheffield, constituting fraud. Square Mile won a massive $28.4 million judgment against Swig and proceeded to shake down every asset he owned in New York. [more]
