The brokerage arm of Helmsley Spear, the real estate business founded by the late Harry Helmsley, has been shuttered by Kent Swig, who will buy investment properties using the venerable name.
The firm’s dozen brokers and various staffers were given the bad news yesterday morning by Swig, a real estate scion who bought the firm from Leona Helmsley in 2007 with high hopes of creating an investment, brokerage and third-party management powerhouse.
Instead, the real estate markets collapsed and Helmsley Spear was unable to gain more than a toehold.
News of Swig’s move was first reported on the New York Observer Web site, which said brokers have been given a week to clear out their desks.
The Post reported in December that Swig was trying to sell Helmsley Spear or get outside investments to keep the business going. At the time, an official said Helmsley Spear “is not closing.”
