Embattled developer Kent Swig is facing another lawsuit on an alleged loan default, as RCG Debt IV Non-REIT Asset Holdings filed for a $3.5 million judgment Sept. 23. According to the suit filed in New York State Supreme Court, Swig, on Jan. 8, 2008, delivered a promissory note to RCG that was due Dec. 31, 2008. At the end of 2008, Swig was granted an extension until Feb. 28, 2009, and on July 24, 2009, he made two $50,000 interest payments for a total of $100,000, court documents show. Under the terms of the loan, Swig accumulated interest at 15 percent for the month of February, and 24 percent since March 1, minus the $100,000 payment. The judgment was signed Sept. 21, 2009, for $3.9 million. The judgment was entered at a time when Swig is appealing a $32.4 million judgment by Square Mile Structured Debt, which filed suit after Swig defaulted on $28 million in loans related to the conversion of his former condominium project Sheffield57, at 322 West 57th Street. [more]

Developer and Terra Holdings Co-Chairman Kent Swig, has filed suit against an asset management firm for withholding nearly all of his compensation after a restraining order was issued to enforce a multi-million dollar judgment by Square Mile Structured Debt. Swig filed suit Sept. 24 against Manhattan-based Properties Asset Management Services in New York State Supreme Court, alleging the firm is withholding his compensation after Square Mile sent a subpoena requesting information about Swig’s salary and other compensation at Terra. No information was immediately available on the current amount of Swig’s compensation. [more]

In yet another aggressive bid for market share, Halstead Property is
expanding into Connecticut, acquiring Darien-based brokerage Wheeler Real
Estate. Wheeler, founded in 1927, has one 55-agent office at 671 Boston Post
Road in Darien and serves the surrounding towns of New Canaan, Rowayton
and Norwalk. The new company will be known as Halstead Property Wheeler. In an environment where other firms have been closing offices, Halstead
has taken advantage of the downturn to expand aggressively. In October,
Halstead, owned by Terra Holdings, opened its first out-of-state office
with a new branch in Hoboken, N.J.
The company also recently opened a new office in Boerum Hill, Brooklyn.
Halstead has nine other offices in New York City — including one in
Harlem, where the Corcoran Group and Warburg Realty recently closed
their offices — and one in Hudson, N.Y. [more]