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New York

Kent Swig to give up 740 Park pad after reaching deal with ex

Elizabeth put the apt. back on the market last month with a $10M price cut

<em>740 Park Avenue on the Upper East Side and Elizabeth and Kent Swig (credit: Patrick McMullan)</em>
740 Park Avenue on the Upper East Side and Elizabeth and Kent Swig (credit: Patrick McMullan)

It’s a question that comes up in most divorces: Who gets the house? In the case of the Swigs, a $22.5 million apartment was on the line.

Kent Swig and Elizabeth Swig, daughter of billionaire developer Harry Macklowe, made their split official on Thursday, in a deal that gives Elizabeth Swig the couple’s duplex at 740 Park Avenue, the New York Post reported. She also walks away with $12 million in artwork, $1 million in furniture and $1.8 million in jewelry.

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The settlement comes less than a month before the couple was set to go to trial and follows an ugly five-year divorce battle. Last week, The Real Deal reported that Elizabeth Swig had relisted the duplex for $22.5 million — $10 million less than she asked last year. The apartment was at the center of a lawsuit filed by Macklowe that accused Kent Swig of using $12.5 million that he borrowed against the apartment to settle business debts.

The couple’s divorce will be finalized after they exchange paperwork and releases, some of which must be provided by Macklowe. [NYP] — Kathryn Brenzel

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Harry MackloweKent Swig