Swig warns of bankruptcy if Square Mile moves on judgment
September 22, 2009 06:30PM By David Jones
Kent Swig warns of bankruptcy on Sheffield57
Developer Kent Swig warned that he would file for personal bankruptcy protection if a $28 million judgment on a defaulted loan from Square Mile Capital connected to Sheffield57 was enforced against him, according to court filings obtained by The Real Deal.
"I do not have access to $28 million in cash or liquid assets, and if the judgment is enforced against me at this time, I will likely have to file for personal bankruptcy protection," Swig said in an affidavit filed Sept. 15. "This will entail severe financial consequences not only for me, but for my family, my business and my employees."
He added: "This default will likely trigger banks to call in my lines of credit, cutting off the capital flow to my business and effectively triggering its complete collapse."
Swig would be one of the biggest developers in recent history to file for personal bankruptcy. Swig is president of Swig Equities and one of the most important commercial developers in New York City. Since 2001, Swig has purchased or developed more than 4 million square feet of commercial office space and 1.5 million square feet of residential space. He is also co-owner and co-chair of Terra Holdings, parent of residential brokers Brown Harris Stevens and Halstead Property.
After losing control of Sheffield57 to a foreclosure by Fortress Investment Group and 25 Broad Street to a foreclosure by Lehman Brothers, Swig is in personal jeopardy on several financial fronts.
As previously reported by The Real Deal, he faces litigation on a $5 million credit line from Citibank, a $4.75 million note from Signature Bank and a $50 million judgment from Lehman Brothers for mezzanine loans for his condo project at 25 Broad Street.
Square Mile originally sued Swig in January after he defaulted on a $21.15 million personal loan to help finance the development of Sheffield57, the luxury condominium project near Columbus Circle, where Swig was the managing partner.
Square Mile is expected to go to trial later this year against Swig on a second $18.5 million loan, related to the 25 Broad Street development, in which Swig also allegedly defaulted.
Attorneys for Square Mile were not immediately available for comment.
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Where are the shills now?
Comment #1 Posted By: Anonymous 09/22/09
Anonymous
He he hehahe he he ha
Comment #2 Posted By: Anonymous 09/22/09
Anonymous
If the creditor is smart, they would hold their judgement in their back pocket untill such time Swig is in a position to pay it off. The guy isnt going to want a 28M judgement against him. Give him time to get back on track.
Comment #3 Posted By: Anonymous 09/22/09
Anonymous
back on track????
Comment #4 Posted By: Anonymous 09/22/09
Anonymous
So what if he goes under.most of these projects were bad anyway.
Comment #5 Posted By: Anonymous 09/22/09
Anonymous
Dude, you gambled BIG TIME and lost so what do you expect, a presidential pardon? It's over.
Comment #6 Posted By: Anonymous 09/22/09
Anonymous
Kent- ILY
Comment #7 Posted By: Anonymous 09/22/09
Anonymous
C'mon the Warhol behind him should fetch a good $10 mill... and what about all those surf boards? Can't wait for the yard sale.
Comment #8 Posted By: Anonymous 09/22/09
Anonymous
Hey 3#, "The guy isnt going to want a 28M judgement against him" really? what makes you think so?
Comment #9 Posted By: Anonymous 09/22/09
Anonymous
His business model involved forcing 1,000 families to move out of their homes - hard to feel sorry for a guy like this. He had more money than he could spend, why implement a business model that forces such mass eviction? They write books about guys who are this greedy. Eventually guys like this get pinched - and it looks like his time is now.
Comment #10 Posted By: Anonymous 09/22/09
Anonymous
He 'warns' of backruptcy? WTF? That's like a guy on death row threatening to commit suicide.. Don't make me do it!!!
Comment #11 Posted By: Anonymous 09/22/09
Anonymous
"That's like a guy on death row threatening to commit suicide" awesome -
Comment #12 Posted By: Anonymous 09/22/09
Anonymous
And then he will come out of bankruptcy right in time for Fortress to sell out Sheffield and pay him a hundred million dollars for his 49% interest.
Comment #13 Posted By: Anonymous 09/22/09
Anonymous
No one was FORCED to move out of their homes. You had a lease, the lease expired, you didn't have any right to stay, get over it and buy an apartment and stop your belly aching.
Comment #14 Posted By: Anonymous 09/22/09
Anonymous
I wanted to renew he wouldn't let me - I'd just paid thousands to move, thousands in broker's fees, thousands for furniture to fit that apartment - then I had to pay thousands to move again - thousands for another broker - sell furniture, buy more furniture - you get the picture -- he knew he was screwing me over (and thousands more) - I'm glad to see this pig squeal.
Comment #15 Posted By: Anonymous 09/22/09
Anonymous
#15, he sure wasn't as concerned about you (and many others) as he appears to be about himself, his family and his employees- but why are his lines of credit still available? They should jerk those out from under him NOW- the guy admits he's an inch from bankruptcy.
Comment #16 Posted By: Anonymous 09/22/09
Anonymous
America is a great country, this can only happen here. At the end of the day this guy and his family will be fine and still rich.
Comment #17 Posted By: Anonymous 09/22/09
Anonymous
You took the risk by renting, and not buying. No one guaranteed that you could stay for years, if anything, blame Rose for selling you a bill of goods and then selling the building from under you. If you want protection to stay for years, buy, don't rent. Your own fault, don't blame a property owner.
Comment #18 Posted By: Anonymous 09/22/09
Anonymous
#14 Swig filed a NON-EVICTION condominium plan at the Sheffield. He could have filed an eviction plan. It was his choice. Now he's got to live with the consequences.
Comment #19 Posted By: Anonymous 09/22/09
Anonymous
Not true. Non-eviction plans means nothing for tenants with expired leases. You have a lease, it expired, you have to move. Landlord's in this market can't cry when tenants decide not to renew. Tenants are in the same boat and can't have it both ways.
Comment #20 Posted By: Anonymous 09/22/09
Anonymous
The last post is dead on. Some tenants think they have the right to stay forever in a lease - it's not true. Blame the state legislature, blame your city councilman. Don't blame a landlord.
Comment #21 Posted By: Anonymous 09/22/09
Anonymous
Go bankrupt Swig. You made the bed, now lie in it.
Comment #22 Posted By: Anonymous 09/22/09
Anonymous
#20 , #18 etc - you get my point. I understood my rights (I had none once my lease was up), but in NYC there is an understood agreement that if I'm a good tenant in a 350 unit building then I'll be offered a renewal lease at a somewhat market rate rent. Unlike renting a $900 apartment in Kansas, the cost of getting in and out of a luxury building in NYC is very expensive. Swig was a dick to do what he did. Did he have the right - of course - is he a dick - of course. Lots of ways to make money he should have tried something else. cont.
Comment #23 Posted By: Anonymous 09/22/09
Anonymous
I love the posters who keep pretending that Swig is going to make something out of the Sheffield deal - if he makes anything on the Sheffield (and that remains to be seen), his creditors will happily collect from him whatever he would otherwise be entitled to. Unfortunately for Kent fraud is not dischargeable in bankruptcy and Square Mile has a lawsuit pending against him for fraud (as I'm sure many other entities / individuals do, given Kent's pattern of conduct to date).
Comment #24 Posted By: Anonymous 09/23/09
Anonymous
BROWN HARRIS STEVENS and HALSTEAD are screwed !!!!!
Comment #25 Posted By: Anonymous 09/23/09
Anonymous
The worse is that some lawyer is on a contin of 1/3 to collect. They will torture him to death.
Comment #26 Posted By: Anonymous 09/23/09
Anonymous
Wonder if the Elliman broker, Zachary Levin is still thrilled with his purchase at Sheffield. He mentions it in his profile.
Comment #27 Posted By: Anonymous 09/23/09
Anonymous
Mr. Swig... "Flashfoward" 6 months.... you are brought up on charges for fraud. all the money in the world will not save a criminal prosecution. BTW there is no 49% ownership. In fact the court papers say he gets only a backend payment if Fortress is exremelly successful.
Comment #28 Posted By: Anonymous 09/23/09
News Flash
Please note the following contact changes: Terra Holdings is now: Scorched Earth, LLC BHS is now: SBH (Swigs Brokers for Hire) and Halstead Property is now: Hollow & Dead Property
Comment #29 Posted By: News Flash 09/23/09
Anonymous
I love the real deal space. It is the only website that the truth of Swig's antics come to light. God bless you Dave Jones
Comment #30 Posted By: Anonymous 09/23/09
Anonymous
Bring on the Marching Band now BYTCH....
Comment #31 Posted By: Anonymous 09/23/09
Anonymous
Howard Lorber and Pam Liebman must be loving this!
Comment #32 Posted By: Anonymous 09/23/09
Kents World O Pain
"This default will likely trigger banks to call in my lines of credit, cutting off the capital flow to my business and effectively triggering its complete collapse" ahh, yea, tha't pretty much how the deal works when you can't pay to play anymore... yur done boy!
Comment #33 Posted By: Kents World O Pain 09/23/09
Anonymous
Luckily for Swig, Square mile, citi, signature, Hoda, Levy, Lehman, etc.... can not attack his trust funds.
Comment #34 Posted By: Anonymous 09/23/09
Right
Yup, he's a luck guy fur sure!
Comment #35 Posted By: Right 09/23/09
Anonymous
Pride goeth before the fall, pride goeth before the fall, pride goeth before the falll....
Comment #36 Posted By: Anonymous 09/23/09
Anonymous
KING HENRY V The mercy that was quick in us but late, By your own counsel is suppress'd and kill'd: You must not dare, for shame, to talk of mercy; For your own reasons turn into your bosoms, As dogs upon their masters, worrying you.
Comment #37 Posted By: Anonymous 09/23/09
Anonymous
stall tactics and maneuvering.
Comment #38 Posted By: Anonymous 09/23/09
Anonymous
Amazing. I've never wished ill on people who took advantage of me in my long real estate career because I always felt time would eventually catch up to the pretenders. I had the misfortune of working for this stiff and got screwed by him. He's not going to lose his digs at 784 Park or the daily manicure and pedicure, but somehow seeing him declare personal bankruptcy gives me a personal sense of satisfaction that I was right all along.
Comment #39 Posted By: Anonymous 09/23/09
Anonymous
Bankruptcy is not as lenient as it use to be. Now I ma sure his home is in some bankruptcy remote vechile, but lets see what happens to his businesses. That will be more difficult to shield.
Comment #40 Posted By: Anonymous 09/23/09
Anonymous
What is a shill suppose to say now. I can not believe there are too many retorts at this point.
Comment #41 Posted By: Anonymous 09/23/09
Anonymous
I hope the Lenders call his bluff - go ahead, file for bankruptcy, Swiggy!
Comment #42 Posted By: Anonymous 09/23/09
Anonymous
How much better does it get then this. The guy is SCREWED
Comment #43 Posted By: Anonymous 09/23/09
Anonymous
Who does have $28 million lying around? This isn't surprising - but what a class act to go long on a deal by putting himself on the line personally to support a project (and its purchasers).
Comment #44 Posted By: Anonymous 09/23/09
Anonymous
This isn't just Swig that will be hurt but hundreds of hard working employees with their own families. How could any of you wish such misfortune on someone, particularly in these times when you know there are so many others who rely upon jobs he creates. Fine, hate him but a little sympathy for those little guys who are now screwed
Comment #45 Posted By: Anonymous 09/23/09
Anonymous
Shame on Square Mile. Bad folks.
Comment #46 Posted By: Anonymous 09/23/09
Anonymous
Shame on Square mile? Screw you. Square mile is just responding to what the lower court decided. IT IS A LOAN. What is happening to Swig now is a direct result of being a bad business man. When you take a loan out, you are suppose to think of the worst case scenario(s). He did not think through the ramifications of these loans. Unfortunately his people suffer for his incompetence.
Comment #47 Posted By: Anonymous 09/24/09
Anonymous
Shame on Square mile? Screw you. Square mile is just responding to what the lower court decided. IT IS A LOAN. What is happening to Swig now is a direct result of being a bad business man. When you take a loan out, you are suppose to think of the worst case scenario(s). He did not think through the ramifications of these loans. Unfortunately his people suffer for his incompetence.
Comment #48 Posted By: Anonymous 09/24/09
Anonymous
waiting for Yaer to go bankrupt
Comment #49 Posted By: Anonymous 09/24/09
Anonymous
number 49... Why
Comment #50 Posted By: Anonymous 09/24/09
Anonymous
Clearly, very few on here have the education to understand the legal implications that bankruptcy would have on his creditors. If he files for bankruptcy, all his other creditors will call in their loans, they will get no more than they would under a Chapter 7 "fire sale" which means that $28M loan would likely get .20-.30 on the dollar leaving them with $5.6M paid and a loss of approximately $22.4M. And who will suffer the brunt of this $22.4M loss? Everyone else seeking financing. Now multiply that by "X" amount of creditors who will be affected. In the end they have to consider giving him a chance to reorganize and pay it all off. Thus the reason Swig is "warning"them that he will file if pushed. The NY economy could do without another huge blow.
Comment #51 Posted By: Anonymous 09/24/09
Anonymous
Number 51. You know nothing. All other creditors are probably dying to call there loans in and stop any additional lines of credit. I am sure they have already taken the loss though P/L. This guy is toxic. If he really wants to do the right thing, then he should open his trust fund and pay what he owes. If not then he should declare bankruptcy. That is what companies do if their liabilities are greater than their assets. THAT IS HOW BUSINESS WORKS, unless you get bailed out by the government.
Comment #52 Posted By: Anonymous 09/24/09
Anonymous
I want to respond to posters #20 and #21. There happens to be a legitimate question as to whether or not the Martin Act extends to protect market tenants from eviction in non-eviction condo conversion. At both the Sheffield and Manhattan House, the Housing Court ruled in favor of the market tenants, and dismissed the landlords' evictions based solely on the expiration of market rate leases. As would be expected, the landlords appealed, and the Appellate Term reversed. Now the cases head up to the Appellate Division, with arguments likely to be heard in early 2010 (unless settled beforehand). So it is not accurate to say that market tenants have no standing - in the absence of a condo conversion, that is correct. But if the Martin Act is found by the Appellate Division to cover and protect market tenants from eviction in the context of a condo conversion, then the market tenants that are waging this fight will be vindicated. If they lose, then the matter will finally be settled. The case is not frivolous, nor is the matter clear cut.
Comment #53 Posted By: Anonymous 09/24/09
Anonymous
Swig getting what he deserves. i hope its a chap 7
Comment #54 Posted By: Anonymous 09/24/09
Anonymous
If Square Mile can prove fraud, and one has to assume it deals with his personal financial statements, then a criminal prosecution likely follows. In addition,it follows that his incompetant "dealmakers" had to be complicit in any fraud .The buy /financing side is usually where any of these guys get into trouble.
Comment #55 Posted By: Anonymous 09/24/09
Anonymous
Hey #52. I guess you think your way is better than loan modifications? "All other creditors are probably dying to call there loans" - First, I think you meant "their" loans, and second, what are they dying for, to fight for a spot in line at the bankruptcy court and getting back 20% of what they lent. Modifications with default provisions against further lines of credit as consideration for the modifications seems wiser, but that's my opinion, and everyone is entitled. The truth is, there is no "correct" answer here. Moves will be made and we"ll see how it plays out.
Comment #56 Posted By: Anonymous 09/24/09
Anonymous
Number 56. Yes the correct spelling and use of the word is "their". Thanks for pointing it out. That is probably the only correct statement you made. Loan modification only works when you believe in the enterprise that you are supporting. In this case, anybody would be crazy to "modify" terms and conditions. This was borne out by Mezz holders foreclosing on a somehting that they actually had some collateral on. This guy is sinking fast. If you are smart, get your resume together. At least you have your grammer to fall back on
Comment #57 Posted By: Anonymous 09/24/09
Anonymous
All of you are missing the point. All along the shills were saying that Kent made hundreds of millions of dollars. If that is true why would he say he will file personal bankruptcy. Kent, pay off this small loan and move forward. What? your assets are illiquid. Well sell them off to pay what you owe. Why the F are you so special.
Comment #58 Posted By: Anonymous 09/24/09
Anonymous
This is great. I am going to give this one to David. Swig failed to respond to yet another action and owes yet another $3 million for yet another loan. Swig you idiot
Comment #59 Posted By: Anonymous 09/24/09
Anonymous
Real estate developer Kent Swig is reportedly planning to file for personal bankruptcy. Next in line "Harry Macklowe"coming soon to this movie theater.Love it.
Comment #60 Posted By: Anonymous 09/24/09
Anonymous
I love it to. It is so easy to hate this guy. I am sure he got beat up in high school every day. (until he retained body guards)
Comment #61 Posted By: Anonymous 09/24/09
Anonymous
Story just hit the post.
Comment #62 Posted By: Anonymous 09/24/09
Anonymous
Kent Swig may be co-owner of Terra Holdings but his commercial and residential dealings are seperate. They DO NOT involve Terra Holdings and as such Brown Harris Stevens remains debt free and will continue to be so.
Comment #63 Posted By: Anonymous 09/24/09
Anonymous
He is "golden"
Comment #64 Posted By: Anonymous 09/24/09
Anonymous
Golden "my CULO"
Comment #65 Posted By: Anonymous 09/24/09
Anonymous
Kent is the man. what is happening now is a public execution before the trial. He employs hundreds. These are innocent people who mean no harm. They eat hamburgers and hotdogs just like you do.
Comment #66 Posted By: Anonymous 09/24/09
Anonymous
He has a mansion in the Hamptons, do you? #66
Comment #67 Posted By: Anonymous 09/24/09
Anonymous
No however, I am employed by Mr. Swig at the Hamptons mansion. During the week when he is not there with the Mrs., I am allowed to eat in the kitchen. He is a good man.
Comment #68 Posted By: Anonymous 09/24/09
Anonymous
"I believe that the way you achieve success is by getting people to work together harmoniously," Mr. Swig said. "How did I become successful? I would synthesize my record down to one thing - the ability to work well with people, the ability to motivate people to do good things. Truly." Pranay Gupte, Senior Writer and Global-Affairs Columnist
Comment #69 Posted By: Anonymous 09/24/09
Anonymous
#65 - I love how you are allowed to swear in a foreign language on these sites - Swig seems like a decent guy - Contrary to the winds from 1600 Penn Ave, we do live in a capitalist society, and we live here by choice
Comment #70 Posted By: Anonymous 09/24/09
Anonymous
Numer 69 how fitting. Swig was not successful, he had the right genes. Anbody can quote anything. He is still a L.O.S.E.R
Comment #71 Posted By: Anonymous 09/24/09
Anonymous
Mr. Swig said something that shaped his moral: "Business has to have other values than just making money. My belief is that the best asset I could create is the people I work with. Truly."
Comment #72 Posted By: Anonymous 09/24/09
Anonymous
Bring on the Marching Band
Comment #73 Posted By: Anonymous 09/24/09
Anonymous
Mr. Swig said. "In my view, is to create a working atmosphere of fairness, humanism, of partnership with people."
Comment #74 Posted By: Anonymous 09/24/09
Anonymous
Mr. Swig is going belly up. He is not a good or true man. He was dishonest with all those he partnered with. He will face criminal charges. You may quote him all you want. the facts still remain that Kent is finished in this town. Fortress is the ones who hammered the last nails into the coffin.. signing off until the next Swig article. Maybe it will be after Sig loses his appeal request.
Comment #75 Posted By: Anonymous 09/24/09
Anonymous
Fortress is standing by Swig - made him one of their biggest partners in 2009. Seems like the biggest public hedge fund in the world probably did a little homework and found out this guy is clean. There is a difference between making millions (which he will) and having millions liquid (which he doesn't). This ain't no thang.
Comment #76 Posted By: Anonymous 09/24/09
Anonymous
number 77 you are a fool
Comment #77 Posted By: Anonymous 09/24/09
Anonymous
It's true. There is a reason that outside of the Real Deal anonymous commentators, Swig has a great reputation as an intelligent, honest and innovative developer/business person.
Comment #78 Posted By: Anonymous 09/25/09
Anonymous
ha ha ha. SHOW me ONE article in the past 6 months that says Swig "has a great reputation as an intelligent, honest and innovative developer/business person" other than the Swig Equities internal newspaper or his temple.
Comment #79 Posted By: Anonymous 09/25/09
Anonymous
So #80 gets his information from Blogs as opposed to speaking to the real estate developers who have stood side by side with Swig for decades, funding millions to charities all over NYC and SF. No one writes about the good stuff - which is fine, it's the world we live in. But anonymous blowhards who hide behind their anonymousness need to consider the source.
Comment #80 Posted By: Anonymous 09/25/09
Anonymous
How about the dozens of orphan kids in NYC who have food to eat and clothes to wear due to millions of dollars received from Swig's personal charitable givings. Someone should write an article about that... oh wait, that doesn't generate page views and web hits.
Comment #81 Posted By: Anonymous 09/25/09
Anonymous
So he is giving away millions of dollars but he can't pay his obligations because he is not liquid. Why don't we all do that. I will take a home equity loan for $500,000. Give it all away. Now Im a hero. But guess what I can't pay back the bank and my house is now worth 1/2 and I lost my job. But I am still a Hero!!! Aren't I? or am I just plain stupid
Comment #82 Posted By: Anonymous 09/25/09
Anonymous
BTW other than the political contributions that are published, which only helps Swig, show me what he gave to charities
Comment #83 Posted By: Anonymous 09/25/09
Anonymous
If there are hundreds of kids who have food to eat and a place to sleep because of Swig, I'd call Swig a hero.
Comment #84 Posted By: Anonymous 09/25/09
Anonymous
Mr Swig, the Brown Harris Stevens co-chairman who bought Helmsley-Spear, normally likes talking to the press. But Swig - who has two kids with real-estate macher Harry Macklowe's daughter, Elizabeth - clammed up when The Post's Dan Mangan called him to ask about the tragedy.
Comment #85 Posted By: Anonymous 09/25/09
Anonymous
Swig was one of the last people to see his fitness trainer, Kenneth Casoria, alive - but three years later he's apparently still too upset to talk about Casoria's untimely death.
Comment #86 Posted By: Anonymous 09/25/09
Anonymous
Big Brothers, State of Israel, Countless charitable trusts. He's a big donator to all and (shockingly) shuns press for most of it. One of New York's best and most generous.
Comment #87 Posted By: Anonymous 09/25/09
Anonymous
when all else fails, you pathetic losers bring up the trainer story. I don't work for the man, but anyone can see he is a good guy - and you are still hoveled away in your rent stabilized apartment. get a life.
Comment #88 Posted By: Anonymous 09/25/09
Anonymous
The former site of the Reform Judaism summer camp, Camp Swig. Originally named Camp Saratoga, the camp's land was purchased in the 1960s from the estate of author Kathleen Norris. It was renamed Camp Swig in honor of the contributions from the Swig family which helped acquire the land. Camp Swig operated on this site until the Summer of 2004.
Comment #89 Posted By: Anonymous 09/25/09
Anonymous
When will this resolve? What happens to pending deals in his office buildings?
Comment #90 Posted By: Anonymous 09/25/09
Anonymous
There is a reason 9 charaties have named Kent "man of the year" or "angel of the year" or honored him with similar awards. Who do you think donated hundreds of thousands to the police/fireman benevolence funds after 9/11? Yair Levy? If all of the above posters had the heart and decency of Kent Swig, this world would be a much better place.
Comment #91 Posted By: Anonymous 09/26/09
Anonymous
Another useless, trust fund baby who can't do anything right, SHOCKER!!!
Comment #92 Posted By: Anonymous 09/26/09
Anonymous
Swig may want to go bankrupt? What a good idea, this way an impartial judge can go over all of his finances with a microscope. Not everyone is allowed to go bankrupt, especially personally. This guy has alot of other assets, lets see if all of the lawyers in Square Mile can pierce the veil and get at the real money..I'll bet they can!
Comment #93 Posted By: Anonymous 09/26/09
Anonymous
#53 The market rate tenants where not evicted, when there leases where up they were not renewed, also existing residents where offered a service to re locate them to other buildings for free, which many residents declined
Comment #94 Posted By: Anonymous 09/27/09
Anonymous
Yes, everyone knows these tenants used illegal tricks to try to manipulate a buyout (which Swig was strong enough not to give in to). The Court has ruled that these tenants were illegally holding over, and now they have to pay Fortress/Swig legal fees (which will be a LOT). It doesn't pay to illegally hold over and extort people illegally.
Comment #95 Posted By: Anonymous 09/27/09
Anonymous
#53 is wrong. A tenant with an EXPIRED lease when an offering plan is filed is not entitled to ANY protections. The court and the legislature is VERY clear on this. The tenants are going to walk into a whole lot of hurt if they push (and lose) in the Appellate Division. Look, anyone can appeal as much as they want - but this is a losing case and the landlord is going to be reimbursed for millions of dollars of legal fees from a handful (<20) of seemingly poor holdovers who can't (or won't) even pay their own lawyers.
Comment #96 Posted By: Anonymous 09/27/09
Anonymous
Your boy is being sued by RBS Citizen for another unpaid 1.5 million. What a LOSER.
Comment #97 Posted By: Anonymous 09/28/09
Anonymous
I am so glad that Swig is gone!!!!!!!!!!!!!!!!! The sheffield is so much better off.
Comment #98 Posted By: Anonymous 09/28/09
Anonymous
he does not seem to pay anybody back. of course he will declare bankruptcy. I may not have a mansion in the hamptons like Kent has, but at least i can pay my bills. Who knows maybe i will buy his place in the Hamptons at auction
Comment #99 Posted By: Anonymous 09/28/09
Anonymous
If you think the Sheffield is better off, you must know that Swig and Fortress are both intricately involved in each and every aspect of the building. You are praising both of them.
Comment #100 Posted By: Anonymous 09/28/09
Anonymous
Yeah. Swig is not allowed on premises. Posted in the lobby
Comment #101 Posted By: Anonymous 09/28/09
Anonymous
To #96, you fail to mention that the Housing Court dismissed the evictions against the market tenants on the basis of their holdover status. So, in fact, you are wrong to state that market tenants are not afforded any protections when their leases expire in the context of a condo conversion. According to Judge Cohen, they cannot be evicted as holdovers. The case goes to the Appellate Division for clarity. The facts are the facts - get them right before making bald faced assertions.
Comment #102 Posted By: Anonymous 09/29/09
Anonymous
Judge Cohen was reversed. Facts is facts.
Comment #103 Posted By: Anonymous 09/29/09
Anonymous
Why would anyone suggest that to buy out tenants in a building you're paying 418M for is a "strong" move. It would have been in his and everyone elses best interest to consider this before purchasing the building. Instead he turned a great building into a laughable shambles and endangered good families health and well being in the persuit of his greed. He built his wealth on Mommy and Daddy and the tragedy that was 911. Enough already
Comment #104 Posted By: Anonymous 10/01/09
Anonymous
In Comment 106, I meant "Why would anyone suggest Not to buy out tenants being a strong move". It's done all the time buy good and reasonable developers and allows them to prepare the building properly for new owners.
Comment #105 Posted By: Anonymous 10/01/09
Anonymous
Buying out tenants when the tenants have no rights is simply silly. The tenants were greedy and now have no buyout and will be stuck with hundreds of thousands of Swig/Fortress legal fees. The holdovers overplayed their hand and lost. The courts have affirmed the ruling - there is not a snowball chance in hell that the Appellate Division will overrule good and established law to give rights to holdovers with expired leases - the Martin Act is clear. The "great" building was a crappy rental that will be a state of the art condominium - "good families" don't break their contract and try to obtain ownership rights for nothing. The illegal acts will be VERY costly to them - and when Fortress goes after money judgements againt them, they will wish they did what they were legally required to do - Move somewhere with a legal and valid lease or buy an apartment with hard earned cash. When you look for an undeserved windfall, you will expose yourself to dire consequences if and when you lose. It is inevitable.
Comment #106 Posted By: Anonymous 10/01/09