The Real Deal New York

Swig sued by wife for “wanton dishonesty” over 740 Park digs

May 06, 2013 09:30AM

Kent Swig and 740 Park Avenue

The estranged wife of real estate developer Kent Swig is accusing him of “wanton dishonesty” and suing him for punitive damages in their divorce case, alleging that his financial travails put her $26 million 740 Park Avenue digs at risk, the New York Daily News reported.

Elizabeth Swig – who is the daughter of real estate mogul Harry Macklowe — said her husband convinced her that they should take out a $12.5 million loan on the apartment that would be used to pay off an earlier $5 million loan and give them liquidity to “tide them over through the bad market,” according to Manhattan Supreme Court papers seen by the Daily News. 

Instead, the suit alleges that Swig – who was one of the most high-profile victims of the real estate crash – used the money to settle other business debts and then stopped making loan payments.

Elizabeth argued that the deception was so outrageous that it warranted punitive damages, but Swig said in court papers that there were no grounds for further damages.

Swig’s lawyer, Jason Advocate, told the News that the case was a “typical ‘garden variety’ matrimonial dispute of ‘he said, she said’ and there is no evidence to support Mrs. Swig’s false claims.” [NYDN]  –Hiten Samtani

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