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Lehman sues NY real estate developer
January 24, 2009 / 2:44 AM / 9 years ago

Lehman sues NY real estate developer

NEW YORK, Jan 23 (Reuters) - Lehman Brothers Holdings Inc LEHMQ.PK, the bankrupt investment bank, has sued a New York city real estate developer for more than $350 million, claiming the developer defaulted on loans for two buildings in downtown Manhattan, according to court documents.

Lehman filed two separate lawsuits on the matter in New York State Supreme Court on Thursday.

The bank alleges that Swig Equities, run by developer Kent Swig, has defaulted on loans made for buildings at 25 Broad St. and 45 Broad St. -- former Wall Street skyscrapers converted into residential and commercial spaces.

Swig could not be immediately reached for comment.

Lehman filed for bankruptcy in September, with $613 billion in debts and $639 billion in assets, making it the largest U.S. bankruptcy in history. (Reporting by Michael Erman; editing by Carol Bishopric)

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