Billionaire Kent Swig Sued For Allegedly Skipping Rent At Madison Avenue Office
New York City property magnate Kent Swig owns a cadre of real estate companies, including commercial brokerage Helmsley Spear and construction firm Falcon Pacific. And according to a lawsuit filed in New York this week, Swig hasn't paid rent at the Madison Avenue office those firms share since April.
Swig, who also owns Swig Equities and is co-chair of residential brokerage Brown Harris Stevens, was sued by investment firm Lincoln International in New York State Supreme Court Wednesday for allegedly failing to pay rent on a 16K SF office on the third floor of the 42-story 444 Madison Ave. building.
Helmsley Spear and Falcon Pacific Construction share the space after Swig signed a sublease with Lincoln in June 2020, Commercial Observer reported. Lincoln has asked the court to force the payment of at least $342K in rent, plus interest and attorney fees, according to the summons.
Two of Swig’s other firms, Swig Equities and Dignity Holdings LLC, are also named in the suit, as they signed Helmsley’s sublease as guarantors along with Falcon Pacific Construction. Swig also owns Terra Holdings.
Swig, the billionaire son-in-law and protégé of developer Harry Macklowe, has chased down tenants for not paying rent in the past; in 2012, he sued FiDi restaurant Demi Monde for $110K, according to CO.
Swig Equities has been a longtime investor in Manhattan, especially the Financial District, where it owns 48 Wall St. Swig launched his own gold-backed cryptocurrency last year after he announced securing $6B in gold reserves, although Business Insider reported in May that he hadn't acquired any gold.