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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.
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.
Elizabeth’s divorce lawyer, Peter Bronstein, said he was aware of the foreclosure and while he would not be representing her in that action, said, “We think there are defenses and we don’t think a foreclosure will happen in the case.”
Swig’s spokesman said, “The apartment at 740 Park Ave. is owned by Liz Swig and has been for over a decade.”
BofA inherited the 2007 loan from another lender and made the 2009 loan itself, according to the filing.
The bank is now moving to foreclose on both loans and take possession of the co-op, which was pledged as security for the loans.
The swanky building on the corner of 71st Street was the subject of a Michael Gross book, “740 Park: The Story of the World’s Richest Apartment Building.”
Designed by Rosario Candela, the 1930 building was developed by Jacqueline Kennedy Onassis’s grandfather and was where she grew up.
Current residents include David Koch and Stephen Schwarzman, who is said to have paid some $35 million for his spread. Courtney Sale Ross has two high-floor duplexes on the market for a total of $60 million, while a lower- floor unit has an asking price of $35 million.
Swig has faced ongoing pressure from creditors since his primary lender, Lehman Brothers, collapsed..
Swig has a stake in the Sheffield condo conversion where personal guarantees on a loan exacerbated his financial problems. Square Mile Capital is now holding a judgment of $32.4 million and a judge has ruled that it can be paid by taking 90 percent of what Swig claims is his salary from various other businesses, including Brown Harris Stevens.
Swig is currently appeal ing that ruling.
Among current creditors, Deutsche Bank has a default judgment against him for $11.5 million from Dec. 2009, and RBS Citizens for $1.5 million from June 2010. Another six judgments — including those held by Citibank, Sterling National Bank and First Republic are in the hands of a city marshal, lawyer Kenneth Litwack said.
Neither Swig nor his lawyer, Y. David Scharf, returned calls for comment prior to deadline.
Swig’s spokesman said, “The collective parties continue to work cooperatively toward a global resolution of the outstanding lawsuits.”