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”

For 15 years, David Koch lived at the world’s “richest building”
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
John Tashjian (center) with Harry Macklowe and 200 East 59th Street (Credit: Emily Assiran Photography)

Life after Macklowe: New sponsor cuts prices at condo tower

Life after Macklowe: New sponsor cuts prices at condo tower
Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

The Macklowes’ massive art collection nears auction
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

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

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

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

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

Loading...