The Real Deal New York

Swig hit with suit at 48 Wall

March 07, 2012 06:30PM

A day after the story broke that Kent Swig was being sued by his former in-laws, comes news that the developer now faces a lawsuit from real estate investor M. Myers Mermel, which could force Swig out of his office building at 48 Wall Street, the New York Observer reported.

The case is in State Supreme Court, and argues that Swig violated an agreement in the use of his assets late last year to pay off his debts: a $116 million judgment.

However, this isn’t the only one: in the past several years, litigation against Swig has sought to recover the tens of millions of dollars he owes both lenders and partners at various buildings.

Mermel owns a minority share in 48 Wall Street and Swig owns the majority. As operating partner of the property, Swig is in charge of leasing and management. Mermel wants Swig to take an offer for a buyout, which would give Mermel operating responsibilities of the office building. [NYO]