Bank of America is set to foreclose on real estate mogul Kent Swig and his wife because they haven’t made any loan payments on their Upper East Side apartment for almost 2 years, the New York Post reports.
The couple are divorcing, but Swig’s wife Elizabeth still lives in the Park Avenue co-op, also home to Steve Schwarzman and David Koch.
Swig, who’s been battling financial woes since the Lehman Brothers collapse destroyed his portfolio, says his wife is the one that owns the apartment.
The couple “signed documents for a consolidated loan of $4.7 million on their duplex apartment in 2007, but stopped paying by August 2009,” the Post said. “Additionally, documents state that by June 2009, the couple ceased making monthly payments of more than $62,000 on a short-term, January 2009 loan for $12.8 million.”
The co-op at 71st and Park Ave is famous for its history of blue-blooded residents, including Jackie Onassis and the Blackstone chief. Other Wall Streeters that can be found at 740 Park Avenue include John Thain, Izzy Englander and David Ganek.
Swig is the president of Swig Equities and chairman of HelmsleySpear, real etate investment and development firms.
His soon-to-be ex-wife, Liz, is the daughter of billionaire real estate developer Harry Macklowe.
The couple called it quits last year because of financial problems put a strain on the marriage.
Swig had grown his portfolio to $3 billion, the Post reported last year. “He got in trouble, sources say, when his big lender, Lehman Brothers, went bankrupt.” Swig was forced to sell another condo in a fire sale, the Real Deal reported, and was on the verge of filing for bankrupcty.
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