Embattled developer Kent Swig is confronting foreclosure on the ritzy Park Avenue commune where his spouse is living during their divorce.
Bank of America has sued Swig and his wife, Elizabeth, and is looking to toss her from the two-story commune at 740 Park Ave. since they haven't paid a dime on their loans in 22 months, according to a legal case filed in Manhattan sovereign court.
The 50-year-old noble and his spouse -- the daughter of developer Harry Macklowe -- sealed papers for a combined loan of $4.7 million on their duplex unit in 2007, but stopped profitable by Aug 2009.
Additionally, papers state that by June 2009, the couple ceased creation monthly payments of more than $62,000 on a short-term, January 2009 loan for $12.8 million.
Elizabeth's divorce lawyer, Peter Bronstein, mentioned he was wakeful of the foreclosure and whilst he would not be representing her in that action, said, "We regard there are defenses and you do not regard a foreclosure will come about in the case."
Swig's orator said, "The unit at 740 Park Ave. is owned by Liz Swig and has been for over a decade."
BofA hereditary the 2007 loan from other lender and done the 2009 loan itself, according to the filing.
The bank is right away relocating to foreclose on both loans and take receive of the co-op, that was affianced as safety is to loans.
The swanky office building on the dilemma of 71st Street was the theme of a Michael Gross book, "740 Park: The Story of the World's Richest Apartment Building."
Designed by Rosario Candela, the 1930 office building was created by Jacqueline Kennedy Onassis's grandfather and was where she grew up.
Current residents add David Koch and Stephen Schwarzman, who is mentioned to have paid a few $35 million for his spread. Courtney Sale Ross has two high-floor duplexes on the marketplace for a complete of $60 million, whilst a lower- floor unit ! has an a sking cost of $35 million.
Swig has faced continuing pressure from creditors since his first lender, Lehman Brothers, collapsed..
Swig has a interest in the Sheffield condo conversion where personal guarantees on a loan exacerbated his financial problems. Square Mile Capital is right away keeping a visualisation of $32.4 million and a panel of judges has ruled that it may be paid by receiving 90 percent of what Swig claims is his income from assorted other businesses, inclusive Brown Harris Stevens.
Swig is currently allure ing that ruling.
Among stream creditors, Deutsche Bank has a default visualisation against him for $11.5 million from Dec. 2009, and RBS Citizens for $1.5 million from June 2010. Another 6 judgments -- inclusive those hold by Citibank, Sterling National Bank and First Republic are in the hands of a town marshal, counsel Kenneth Litwack said.
Neither Swig nor his lawyer, Y. David Scharf, returned calls for criticism previous to deadline.
Swig's orator said, "The collective parties go on to work cooperatively toward a universal fortitude of the excellent lawsuits."
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