Swig hit with $535,000 judgment by deputy

New York /
Sep.September 13, 2010 05:30 PM

Kent Swig (left), Steven Kirschenbaum and the Sheffield at 322 West 57th Street

A state Supreme Court issued a $535,000 judgment against real estate mogul Kent Swig last week for failing to pay his longtime deputy Steven Kirschenbaum, who helped build Swig Equities into one of the biggest real estate developers in New York.

Kirschenbaum, executive vice president and COO at Swig’s Swig Equities since 2006, managed much of the controversial developer’s holdings, including the conversion of the Sheffield condominium at 322 West 57th Street.

“This is a unique situation only related to one staff member, which represents previous bonus compensation that was deferred, and will be paid at a later date,” a spokesperson for Swig Equities told The Real Deal.

Swig signed a so-called confession of judgment Sept. 8 in New York State Supreme Court, which confirms that the amount is correct and uncontested and related to an employment agreement with Kirschenbaum.

The judgment is the latest filed against Swig since Square Mile Structured Debt won a $28.4 million judgment against him in July 2009. Swig has faced more than $50 million in judgments against him and also lost control of the Sheffield in 2009 after Fortress Investment Group bought the property for $20 million in a foreclosure auction.

Swig, who also owns Helmsley Spear, has reportedly missed payroll a number of times before shutting down the firm’s brokerage arm in January 2010 and more recently sold one of his office buildings at 140 William Street for $11.35 million.

Kirschenbaum was not immediately available for comment.

 

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