Humm, another "American Dream" defaults! clo
Developer Kent Swig on brink of foreclosure on 740 Park co-op
By LOIS WEISS
Last Updated: 3:45 AM, June 23, 2011
Oh no, they are "White"!
Wonder if they paid their college loans? clo
Embattled developer Kent Swig is facing foreclosure on the ritzy Park Avenue co-op where his wife is living during their divorce.
Bank of America has sued Swig and his wife, Elizabeth, and is seeking to toss her from the two-story co-op at 740 Park Ave. because they haven't paid a dime on their loans in 22 months, according to a lawsuit filed in Manhattan federal court.
The 50-year-old mogul and his wife -- the daughter of developer Harry Macklowe -- signed documents for a consolidated loan of $4.7 million on their duplex apartment in 2007, but stopped paying by August 2009.
Real estate mogul Kent Swig and his wife Liz— seen here in happier times before they announced divorce plans — may lose their tony 740 Park Ave. co-op. BofA has filed a lawsuit claiming Swig hasn’t made a payment on loans backed by the apartment in 22 months.
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.
Read more: http://www.nypost.com/p/news/business/park_avenue_peril_3kHLDv33noJonWmvovr9OJ#ixzz1Q7ZCds6K
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