Lehman Begins Foreclosure on Swig's 45 Broad Street

Lehman Brothers has begun foreclosure proceedings against Kent Swig's apparently catastrophic project at 45 Broad Street.

The foreclosure proceedings were initiated on Thursday, according to a Lehman spokesperson.

The complaint reads, in part: "This is an action for the foreclosure of two commercial mortgages and for related relief regarding two commercial loans secured by liens on real property located in New York County commonly known as 45 Broad Street ..."

The two mortgages include one made on June 12, 2006 for $37.7 million, and another made on Feb. 26, 2007 for $11.5 million.

Neither Mr. Swig nor his spokesperson responded to a recent request for comment.

More details from the complaint coming soon...

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