Brokerage: 740 Park Loan Had Nothing to Do With Us
Last week, The Observer wrote a story about the hyper-exclusive co-op 740 Park.
As The Observer noted, the building is cash-only. Many people questioned if foreclosure was even possible, in fact, in a building that forbids residents from borrowing against their properties. We noted in the piece that Kent Swig, a one-time 740 Park resident, happens to co-own Brown Harris Stevens Residential Management, which manages the building. A source told us that Mr. Swig was allowed to take out a loan for the apartment because of this ownership stake. (Mr. Swig no longer lives there; the apartment is controlled by estranged wife Liz Macklowe.)
Brown Harris Stevens sent The Observer a letter after the story was published, denying any conflict of interest. Read More
