Developer Kent Swig is facing foreclosure on the 740 Park Avenue co-op where his wife is staying during their divorce, the New York Post reported. Bank of America has reportedly taken legal action against Swig and his wife, Elizabeth, the daughter of Harry Macklowe, and is seeking to repossess the apartment and evict Elizabeth since the former couple haven’t made payments on their loans in 22 months, according to a lawsuit filed in Manhattan Federal Court.
The couple signed documents for a consolidated loan of $4.7 million on their apartment in 2007, but stopped paying by August 2009. They also ceased making monthly payments of more than $62,000 on a short-term, January 2009 loan for $12.8 million, the Post said.
Elizabeth’s divorce lawyer, Peter Bronstein, said: “We think there are defenses and we don’t think a foreclosure will happen in the case.”
“The apartment at 740 Park Avenue is owned by Liz Swig and has been for over a decade,” said Kent’s spokesperson. “The collective parties continue to work cooperatively toward a global resolution of the outstanding lawsuits,” said Kent Swig’s spokesperson.” [Post]