The Real Deal New York

BofA sues for unpaid loans at Swig’s 740 Park co-op

June 25, 2012 03:30PM

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Kent Swig and 740 Park Avenue

First Kent Swig was dealt with financial difficulties at his developments, then with a divorce and a suit from father-in-law Harry Macklowe, and now it appears he’s getting hammered by his home loan, too. Citing Michael Gross, the author of a book about 740 Park Avenue, Curbed reported that Bank of America is suing Swig, his wife Elizabeth (Macklowe’s daughter) and the co-op at the address to recoup payments on loans tied to his duplex apartment with principals of $4.8 million and $12.8 million that have not been paid since 2009.

Curbed noted that this is actually the second time Bank of America has pursued legal action against Swig over the home. Its previous attempt was dismissed by the court. In the loan paperwork the bank says it can take possession of the property and resell or lease it. [Curbed]

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