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

TRD New York /
Jan.January 07, 2014 12:27 PM

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.

Related Articles

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”

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

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

The many homes of David Koch

Former Merrill Lynch CEO’s penthouse at 740 Park asking $40M

Scion to Safra banking fortune buys
Jackie O’s 740 Park home

Jackie Kennedy’s childhood apartment at 740 Park sells for $25M

Owner of 740 Park duplex slashes asking price to $22M

Howard Marks wants judge to seal court records for 740 Park lawsuit