First-ever foreclosure in billionaires' block as recession finally catches up with New York's mega rich
By DANIEL BATES
Last updated at 7:57 PM on 25th August 2011
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.
740 Park Avenue is one of the most desirable addresses in Manhattan
Mr Swig and soon to be divorced wife Elizabeth have stopped making payments on two loans totally more than $16million and as a result will forfeit their property.
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