Poor Kent Swig. Things are looking crappy for the embattled developer, according to a piece by the Post saying that he might lose his 740 Park Avenue apartment to foreclosure. In addition to bringing great shame to the world's richest apartment building, Kent hasn't paid the monthly payments on his $12.9M loan for 22 months now. Well, Bank of America is taking legal action to get their money. The bank is including Swig in the lawsuit even though his wife Elizabeth, daughter of Harry Macklowe, is the one actually living in the apartment. It'll be interesting to see how this one turns out. If things get bad, Kent might need a swig of the strong stuff (ba-da bing!) But in all seriousness, a foreclosure would be a pretty nasty stain on 740 Park's reputation, we thinks.
· Developer Kent Swig on brink of 740 Park Ave. co-op foreclosure? [NYP]
· 740 Park Avenue Coverage [Curbed]