TYCO'S SWARTZ TO SELL ANOTHER CONDODec 4, 2002 | New York Post Another Tyco-owned luxury apartment is about to be sold, The Post has learned.
The ornately furnished luxury condominium which was apparently used exclusively by the company's former chief financial officer, Mark Swartz has just gone to contract below the asking price of $18.8 million at 50 Central Park South.
The lavish 33rd-floor penthouse apartment, bought by Swartz under the beleaguered company's name, had undergone extensive interior work. The last of the fancy furnishings went in just as the government began its crackdown earlier this year against Swartz and Tyco CEO Dennis Kozlowski for defrauding the company of $600 million.
Swartz "had only spent a night or two there before he put it on the market," a source said.
Last week, Tyco gained a favorable ruling by a Manhattan Supreme Court judge to allow the sale of another of Swartz's allegedly ill-gotten properties to help offset the company's losses.
The court permitted the sale of a five-bedroom duplex penthouse at 30 E. 85th St. - purchased by the company to Sony Music exec Tommy Mottola, who bought the postwar pad for a relative steal at $9.5 million, far below the original $15.9 million asking price.
The Central Park South apartment, one of 11 full-floor residences located above the Ritz-Carlton hotel in a prewar building, was where Swartz was planning to live after selling the East Side apartment to Mottola. The high-ceilinged apartment features direct views of Central Park from the living room, dining room, breakfast room, library and master bedroom.
Swartz's lawyer, Scott Tagliarino, had no comment, and referred calls concerning the apartment to Tyco. Tyco lawyer Gary Holmes declined comment.