Five Hanover Square has two good reasons to be grateful for the tiny uptick in the finance industry.
First the former Swig swag, recently purchased by New York-based Savanna, secured a $47 million refinancing from Mesa West Capital; and now comes news that a financial software firm has signed a 10-year lease for 7,500 square Read More
Kent Swig, the New York developer whose fortunes this recession have dropped as fast as a boulder off a cliff, plans to rescue his flailing operation—and his creditors, to whom he owes about $50 million—by taking his company public, according to Crain’s New York Business:
The idea is to pool some of Mr. Read More
Poor Kent Swig.
At this point, what else is there to say when confronted with yet more lawsuits naming the scion of the Fairmont Hotel fortune, the besieged developer, the son-in-law (for now) of Harry Macklowe?
On Jan. 29, TPG Architecture filed a suit against Swig Equities for precisely $98,500.39 in unpaid bills related to the outfitting of Read More
At one time or another during his 25-year career, Todd Korren has donned nearly every hat that can be worn in the real estate industry. But whether he’s served as a leasing agent, property manager, developer or acquisitions pro, one puzzle the Swig Equities senior vice president has yet to solve is the Read More
If it’s tough to be Kent Swig—declining real estate fortune, foreclosure auctions, a run-in with a business partner and an ice bucket—it seems even tougher to be one of his employees.
“Everybody’s on edge,” said a source familiar with the operations of both Mr. Swig’s real estate investment firm Swig Equities and his commercial brokerage Read More
In court papers filed last week, Deutsche Bank has asked developer Kent Swig for its $11.3 million dollars back.
Mr. Swig is beset by a whole slew of creditors, but this Deutsche Bank claim is the largest against him personally–more than half of the $20.7 million in personal loans he owes various banks.
Apparently Read More
Perhaps you saw the real-estate news last week that developer Kent Swig–presumably one of the richer men in Manhattan, with an apartment at 740 Park and a stake in five real estate companies–is considering filing for personal bankruptcy, on the heels of a $28 million dollar judgment against him.
And perhaps you Read More
On Sept. 15, developer Kent Swig filed an affidavit with the Manhattan Supreme Court in which he claimed, “I cannot, out of my personal proceeds, satisfy a money judgment of $32,432,288.87 without being subject to extreme financial hardship. I do not have access to $28 million in cash or liquid assets and, if the Read More
Residents of Sheffield57, perhaps the most ill-starred condo conversion in recent history, are “euphoric” that developer Kent Swig and his junior partners on Thursday formally lost control of the project they began four years ago.
“We’re going to have a number of celebrations,” said Larry Wagner, a condo owner and former Nomura CFO. That series Read More
Good news for condo owners at Sheffield57, the alphanumerically-named midtown project that, over the past four years, has served as the backdrop for an epic war between buyers, rent-regulated tenants and its developers.
Kent Swig, the lead sponsor in the project at 322 West 57th Street, has reached a settlement with the condo Read More