The Real Deal New York

Moinian late again at 60 Madison

February 16, 2009 01:50PM
By Adam Pincus

 Joseph Moinian’s 60 Madison Avenue

The Moinian Group was reported late for at least the second time in five months in making a monthly mortgage payment on its struggling office building at 60 Madison Avenue at 27th Street, according to information from securitized mortgage tracking firm Trepp.

Joseph Moinian’s company, which owns some 20 million square feet of commercial and residential space in the country, was less than 30 days late on its $319,000 payment as of Jan. 11, the report showed.

About 40 percent of the 170,000-square-foot building, or 68,722 square feet, is available for leasing, according to the Moinian Group Web site. That is up from the building’s availability rate of 13.5 percent in March 2007, as reported in federal filings.

It is not clear if the late mortgage payment has been made since the January report.

The company declined to comment through a spokesperson.

In October, the trade publication Commercial Mortgage Alert wrote that Moinian missed part of a payment, but later made it up in full. At the time it was reported that he pledged to keep current on future payments.

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