Kent Swig, Joe Moinian’s firm hit by lawsuits

TRD New York /
Jul.July 21, 2009 01:44 PM
Kent Swig

Developer Kent Swig has allegedly not repaid a $5 million personal loan from Citibank which the lender declared in default in April, a lawsuit filed earlier this month in New York State Supreme Court says.

The suit, filed July 10 by Citibank, claims Swig owes $4.96 million in principal and $22,997 in interest from the unsecured revolving credit loan signed in April 2006, which became due in March 2009.

While the loan was not declared in default until this year, events that could trigger a default began as early as May 2008, when Swig failed to file an annual financial report with the bank, the filing says.

“To date, Swig has not paid any of his outstanding obligations due and payable under the note,” the suit says.

Swig declined to comment through a spokesperson.

Moinian Development Group sued for back payments

The contractor Interior Construction filed a lawsuit seeking nearly $500,000 from Joseph Moinian’s company Moinian Development Group for work allegedly performed and not paid at 1450 Broadway near Times Square, a recent lawsuit says.

The suit filed July 9 in New York State Supreme Court claims the Kips Bay-based contractor, which does drywall, electrical, painting and other work, is owed $373,423 in unpaid bills. Interior Construction is also seeking an additional $100,000 for an alleged breach of contract, the filing says.

A spokesperson for Moinian said the two sides had resolved the payment dispute and the lawsuit was being withdrawn after the developer had settled with the vendor, and the liens were being removed.

The attorney for Interior Construction did not respond to a request for comment.

The building is owned by a partnership of Joseph Chetrit, Edward Minskoff and Joseph Moinian, head of Moinian Development Group, which bought the building in May 2004 for $121 million, city records show. The lawsuit also notes that there have been $89,485 in mechanic’s liens filed against the property since January 2009.

Former officer of Ocelot sued for disloyalty

A former officer of Ocelot Capital Group, a real estate investment company criticized heavily in recent weeks for not repairing many of the 25 buildings it bought in the Bronx in 2006 and 2007, is being sued by the company this month for $1 million, for allegedly committing disloyal acts and disclosing the firm’s secrets.

Ocelot filed suit against Eytan Shafir, a real estate broker with a residence in Long Island, July 8 in New York State Supreme Court.

The firm says in the filings that it learned in May that Shafir had been disclosing confidential business information to outside parties including Ocelot investment partner Eldan Tech and an additional individual.

“On information and belief, these unauthorized disclosures were made by Shafir in exchange for compensation paid or promised by Eldan Tech and/or [the other individual],” the suit says.

In press reports, Eldan Tech is described as a publicly-traded Israeli real estate company which with Ocelot bought some of the Bronx buildings as a joint venture. Eldan Tech is not named as a defendant in the suit.

Shafir did not respond to requests for comment, and the president of Ocelot Capital, Rachel Arfa, could not be reached for comment.

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