Another one bites the dust…
If like most of us you’ve been financially rattled these last few months you have a spare shoulder with me to cry on, but that said I might have to shrug some of you off to make room for one big poobah- property developer Kent Swig who will soon be receiving his eviction notice marching orders at 740 Park Ave his until now swank residence.
dailymail.co.uk: Its opulent luxury has earned it the title of the world’s richest apartment block.
But now the recession has finally caught up with 740 Park Avenue in Manhattan – which is facing its first ever foreclosure.
Property developer Kent Swig is said to be on the brink of losing his flat in the block which counts billionaire financier Stephen Schwarzman amongst its tenants.
Kids, like me I know you are coughing up smidgens of ramen noodles against your railroad studio walls- but you have to admit, if Kent can’t hang the good life anymore (well who knows if living in an ivory tower is really the good life?) what hope do the rest of us have? But then again perhaps Kent over reached or maybe just maybe he got shafted by the tumultuous economic winds bristling outside.
Let’s find out: That something like this could befall 740 Park has stunned the wealthy elite of New York, not least Mr Swig’s neighbours.
They are subject to stringent rules designed to stop this happening must reportedly have $100million in cash in order to move in.
So that leads to two conclusions. Kent lied through his teeth when he first moved in (yes I too have lied about having a bank account stuffed to the brim) or somewhere along the way he went up in flames.
But for those of us who like to keep up with society (yes audacity has its privileges), Kent’s mishaps have been making the society papers for a while now.
This is what the nyobservor had to say:
The landlord and developer, once flying so high with Lehman Brothers as his co-pilot, should weather his latest financial troubles just fine. He still owns a large stake in Terra Holdings, which controls two of the city’s swankier residential brokerages, Brown Harris Stevens and Halstead Property; and is a principal in Swig Equities (not to be confused with the Swig Company, which owns a lot of commercial property around the country, particularly in San Francisco).
Unless we’re missing something, Mr. Swig should handily avoid debtor’s prison.
The article then makes a valid attempt to document a timeline as far back as October 2008 exploring the first sounds of hissing hot air speedily exiting a rubber red balloon which could be