Kent and Elizabeth Swig face foreclosure on 740 Park co-op

New York /
Jun.June 23, 2011 10:12 AM

Liz Swig, Kent Swig and 740 Park Avenue

Developer Kent Swig is facing foreclosure on the 740 Park Avenue co-op where his wife is staying during their divorce, the New York Post reported. Bank of America has reportedly taken legal action against Swig and his wife, Elizabeth, the daughter of Harry Macklowe, and is seeking to repossess the apartment and evict Elizabeth since the former couple haven’t made payments on their loans in 22 months, according to a lawsuit filed in Manhattan Federal Court.

The couple signed documents for a consolidated loan of $4.7 million on their apartment in 2007, but stopped paying by August 2009. They also ceased making monthly payments of more than $62,000 on a short-term, January 2009 loan for $12.8 million, the Post said.

Elizabeth’s divorce lawyer, Peter Bronstein, said: “We think there are defenses and we don’t think a foreclosure will happen in the case.”

“The apartment at 740 Park Avenue is owned by Liz Swig and has been for over a decade,” said Kent’s spokesperson. “The collective parties continue to work cooperatively toward a global resolution of the outstanding lawsuits,” said Kent Swig’s spokesperson.” [Post]


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
HFZ's Ziel Feldman (The XI)
HFZ set to lose stake in $2B XI condo project
HFZ set to lose stake in $2B XI condo project
Witkoff Group CEO Steve Witkoff, Simon and David Reuben and The West Hollywood Edition (Getty, Witkoff)
Reuben brothers look to foreclose on Witkoff’s West Hollywood Edition
Reuben brothers look to foreclose on Witkoff’s West Hollywood Edition
Millions of homeowners remain vulnerable as forbearance winds down
Millions of homeowners remain vulnerable as forbearance winds down
Millions of homeowners remain vulnerable as forbearance winds down
Vanbarton Group's Gary M. Tischler and Richard Coles with 17 John Street (Google Maps)
Vanbarton forecloses on Prodigy’s FiDi co-working property
Vanbarton forecloses on Prodigy’s FiDi co-working property
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Sen. Brian Kavanagh (Getty, iStock)
New York votes to extend eviction ban through August
New York votes to extend eviction ban through August
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...