Swig’s 80 Broad Street loan in danger of “imminent default”

New York /
Mar.March 03, 2010 09:44 AM

March is off to a rough start for developer Kent Swig, whose $75 million loan backing Art Deco office conversion 80 Broad Street was transferred to a special servicer because of “imminent default” on Friday. Swig purchased the skyscraper, which was originally designed for the New York Maritime Exchange, in 2004, and according to his Swig Equities Web site, he was turning it into a “luxury boutique office building.” The hitch at 80 Broad is just the latest in a string of personal and financial woes for the San Francisco real estate heir. He is already ensnared in several lawsuits with lenders after defaulting on millions worth of mortgage and mezzanine loans related to his Sheffield57 conversion, and earlier this week, rumors surfaced that he was splitting with his wife of more than two decades, Liz Macklowe, daughter of developer Harry Macklowe. In January he was hit with lawsuits over allegedly unpaid bills on his would-be new offices at 770 Lexington Avenue. [WSJ]


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