The Real Deal New York

Kent Swig’s 740 Park Avenue pad listed for $32.5M

By Julie Strickland | January 07, 2014 12:27PM

UPDATED, 12:53 p.m., January 7: Developer Kent Swig’s ex-wife Elizabeth has listed the co-op the couple once shared at the ultra-exclusive 740 Park Avenue for $32.5 million.

Brown Harris Stevens’ John Burger has the listing for the 16-room duplex, located at Park Avenue between East 71st and East 72nd streets. The five-bedroom unit boasts hardwood flooring, high ceilings, a private elevator and a wood-burning fireplace.

The unit is currently owned by Elizabeth Swig, a source familiar with the listing told The Real Deal, with which the couple had previously been associated  since at least 1997, according to city records. It was not immediately clear how much they paid for the pad, or whether either of them still live there.

In a state court suit filed last year, Swig’s ex alleged that he used $12.5 million that he borrowed against the apartment to settle business debts, rather than paying off an earlier $5 million and “tid[ing] them over through the bad market,” as he supposedly promised. The alleged deception and misuse of the funds put the couple’s 740 Park home – valued at $26 million at the time – at risk, Elizabeth said in court papers.

Elizabeth, the daughter of mega-developer Harry Macklowe, who was Swig’s boss for a time following their 1987 marriage, had to turn to her famous father in order to salvage the home. The Macklowes have also sued Swig, alleging that he defaulted on a $200,000 personal loan they made to him back in 2009.

Swig has also been engaged recently in a lawsuit with JPMorgan Chase to block the sale of 90 Broad Street, though he settled that last month.

Swig did not immediately responded to requests for comment, and John Burger declined to comment on the listing.

The buyer will have plenty of high-profile company at 740 Park Avenue, including billionaire David Koch, Blackstone chairman and CEO Stephen Schwarzman and bridal designer extraordinaire Vera Wang.