So, how's Kent Swig these days? Still embattled. The developer, in addition to tangling with his soon-to-be-former father-in-law Harry Macklowe, has been in danger of losing his apartment at 740 Park. Now 740 Park expert Michael Gross reports that Bank of America has sued Swig, his estranged wife Elizabeth Macklowe Swig, and the cooperative that owns 740 Park in an attempt to get what the bank is apparently owed of the apartment's two loans. No payments have been made on either of the loans?which have principal amounts of $4,792,131.51 and $12.8 million?since 2009, according to the lawsuit. You do hate to see that.
The court dismissed a previous legal action in this case earlier this year, so this is Bank of America's second try at getting some cash out of Swig. The Swigs' security agreement on the apartment, according to the lawsuit, allows Bank of America to take possession of the property and resell or lease it, so perhaps there'll be a fresh listing at 740 Park before too long.
· Bank Seeks Swig Swag [Michael Gross]
· Kent Swig coverage [Curbed]