Swig sued by wife for “wanton dishonesty” over 740 Park digs

TRD New York /
May.May 06, 2013 09:30 AM

The estranged wife of real estate developer Kent Swig is accusing him of “wanton dishonesty” and suing him for punitive damages in their divorce case, alleging that his financial travails put her $26 million 740 Park Avenue digs at risk, the New York Daily News reported.

Elizabeth Swig – who is the daughter of real estate mogul Harry Macklowe — said her husband convinced her that they should take out a $12.5 million loan on the apartment that would be used to pay off an earlier $5 million loan and give them liquidity to “tide them over through the bad market,” according to Manhattan Supreme Court papers seen by the Daily News. 

Instead, the suit alleges that Swig – who was one of the most high-profile victims of the real estate crash – used the money to settle other business debts and then stopped making loan payments.

Elizabeth argued that the deception was so outrageous that it warranted punitive damages, but Swig said in court papers that there were no grounds for further damages.

Swig’s lawyer, Jason Advocate, told the News that the case was a “typical ‘garden variety’ matrimonial dispute of ‘he said, she said’ and there is no evidence to support Mrs. Swig’s false claims.” [NYDN]  –Hiten Samtani


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”

Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Steven Mnuchin and 740 Park Avenue (Credit: Getty Images, Wikipedia, and Warburg Realty)

Steve Mnuchin’s 740 Park pad just got another price cut

David Koch, 740 Park Avenue and 110 East 76th Street (Credit: Getty Images, StreetEasy, Google Maps)

The many homes of David Koch

Lloyd and Barbara Macklowe and 900 Fifth Avenue (Credit: Getty Images and Google Maps)

Harry Macklowe’s brother Lloyd has sold his Fifth Avenue co-op for $5M

From left: a rendering of Tower Fifth, Harry Macklowe  and 9 East 51st Street (Credit: Google Maps, Getty Images, and New York Times)

Macklowe is eyeing Venezuelan consulate building for his Tower Fifth supertall

arrow_forward_ios