Despite overcoming many obstacles after the financial crisis, Kent Swig has not entirely escaped his past.
American Express Bank sued the prominent developer, owner of Swig Equities and scion of San Francisco’s Swig real estate family, for allegedly failing to pay his and his company’s credit card bills.
The bank filed the complaint in New York State Supreme Court on Monday, alleging Swig and his companies owe the bank $28,600.
While that amount might seem manageable for a major developer, sources told the New York Daily News that the suit might betray a lack of liquidity.
Swig famously took a major hit to his development activities with the 2008 financial crisis following the collapse of Lehman Brothers. Swig was forced to sell high-profile properties such as 25 Broad Street in the Financial District, and he and his then-wife Elizabeth Macklowe, daughter of Harry, nearly had their Park Avenue co-op foreclosed upon.
The couple endured an ugly divorce proceeding, started in 2010. Swig’s former father-in-law Harry Macklowe, legendary developer of 432 Park Avenue, sued Swig soon after, saying his former son-in-law had defaulted on a $200,000 personal loan, among other allegations.
A spokesperson for Swig declined to comment to the Daily News. [NYDN] – Ariel Stulberg