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

TRD 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]


Related Articles

arrow_forward_ios
Digital marketing firm to take 95K sf office penthouse at Grace Building

Digital marketing firm to take 95K sf office penthouse at Grace Building

Drinks on Brookfield! Spirits maker signs 65K sf lease at the Grace Building

Drinks on Brookfield! Spirits maker signs
65K sf lease at the Grace Building

Office product designer takes 33K sf at Grace Building

Office product designer takes 33K sf at
Grace Building

Brookfield, Swig Co. sign ground lease for 1100 Sixth Ave

Brookfield, Swig Co. sign ground lease for 1100 Sixth Ave

Swig Co., Himmel + Meringoff secure $200M to refi 8 Times Sq.

Swig Co., Himmel + Meringoff secure $200M to refi 8 Times Sq.

Blackstone closes on 44 Wall Street buy

Blackstone closes on 44 Wall Street buy

HelmlseySpear hires new SVP to boost footprint

HelmlseySpear hires new SVP to boost footprint

Blackstone moves closer to 44 Wall buy after Swig settlement

Blackstone moves closer to 44 Wall buy after Swig settlement

arrow_forward_ios
Loading...