Dwek's Empire Of Debt

From the Asbury Park Press:

Creditors: Dwek owes $298.1M
BY JAMES W. PRADO ROBERTS

"Eleven banks along with 42 businesses, partners, investors and others say Solomon Dwek's real estate empire owes them $298.1 million."

"The 53 claimants range from a lawn care company seeking $5,949 to Dwek's uncle, Joseph Dwek, who says he is owed $60 million, according to a Superior Court accounting released Wednesday."

"At the head of the list is PNC Bank, which filed a lawsuit May 3 that led to a flood of claims against Dwek, 33, of Ocean Township. The bank is seeking $21 million."

"The 11 banks and a mortgage company claim $149.6 million in debt, while others say they're owed $148.5 million."

"The topmost claim of $60 million from Joseph Dwek, 54, of Brooklyn is followed by Amboy National Bank, which claims $51.7 million."

"Last week, Lomurro released a list of more than 350 properties owned by Solomon Dwek, his wife Pearl, or companies he has an interest in. Robert A. Weir Jr., Dwek's attorney, has said his clients' properties are worth an estimated $300 million."

"Last month, Dwek asked the court to allow him to withdraw $23,070 a month from his assets to cover his living expenses. That amount includes $18,000 to pay three mortgages on his home, according to his request."

"Although the house was assessed in 2005 at $1.2 million, public records show the mortgages on Dwek's Crosby Avenue house total $2.4 million. That includes $850,000 in two mortgages issued by Community Bank of New Jersey in 2001 and 2004. The bank was bought by Sun National Bank."

"Washington Mutual Bank issued a third mortgage on the house for $1.5 million this January to Pearl Dwek, Solomon Dwek's wife."