Actual property developer Kent Swig wants to seek out an workplace for his agency after being kicked to the curb by its Midtown sublandlord.
In the beginning of the month, a metropolis marshal evicted Swig and his agency, Helmsley Spear, from its area at 747 Third Avenue, Web page Six reported. The property is owned by the Kaufman household’s Sage Realty, although the dispute centered on a sublease; the sublandlord seems to be ITN Holdings, based mostly on earlier reporting from the Commercial Observer.
Swig allegedly owes greater than $450,000 in again hire on its sublease, which started in 2024. He was allegedly notified of the looming eviction a day beforehand, however did not warn dozens of workers that they have been about to be booted from the premises. Swig denied the accusation that workers have been left at nighttime.
“We have been engaged in good-faith negotiations with the sublandlord to resolve this matter. Nevertheless, the sublandlord by no means responded to my remaining proposal, abruptly ended discussions, and proceeded with transferring ahead to maneuver us out of our area,” a spokesperson for Helmsley Spear instructed Web page Six.
A spokesperson for Swig didn’t instantly have additional remark to offer to The Actual Deal. The agency is reportedly in search of a brand new workplace area for its workers.
TRD additionally reached out to ITN for remark.
This isn’t Swig’s first hire dispute. Previous to transferring to 747 Third Avenue, Lincoln Worldwide sued Swig for greater than $342 million in missed funds at 444 Madison Avenue.
Final month, TRD reported that Swig was advising the North Fork’s Greenport Enterprise Enchancment District on an financial growth plan to handle underutilized business actual property within the village. The technique focuses on mitigating points like seasonality and parking shortages by means of strategies like reducing rents within the low season and persuading Monday-to-Friday companies to relinquish personal heaps on weekends.
Swig, who owns a property in Water Mill on the South Fork, spent a lot of his profession within the Manhattan growth world and serves as co-chairman of Terra Holdings and Swig Equities. He’s an proprietor on the family-owned Swig Firm.
Over 25 years, Swig developed 4 million sq. toes of economic workplace area and greater than 1.5 million sq. toes of Manhattan residential, in accordance with the web site of his Swig Equities.
He’s had a collection of well-documented ups and downs, together with a shopping for spree simply earlier than the 2008 monetary disaster that led to him shedding key properties to lenders. Swig purchased Helmsley Spear in 2007.
Exterior the agency, Swig is on the board of administrators of the Downtown Alliance and in addition began the neighborhood group that later grew to become the Occasions Sq. BID.
Learn extra
Longtime New York City real estate operator turns to reviving Greenport
Kaufman, Travelers Cos. land $65M refinancing for 747 Third
Kaufmans offload Third Ave office tower to billionaire Idan Ofer
