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New York

Moinian loses $3M W. 42nd St. air rights suit

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The Moinian Group has been ordered to pay up $3 million, after losing a lawsuit brought forward by affordable housing developer Atlantic Development Group, according to Crain’s. Atlantic filed the suit in June 2009, claiming that Moinian had failed to pay for the air rights it purchased to build a planned 60-story residential tower at 605 West 42nd Street. According to court documents, Moinian “deposited in escrow $3 million, which was supposed to be replaced in November 2008 by a $20 million letter of credit in favor of Atlantic.” The affordable housing developer sued for the deposit, after the letter never materialized. But while Atlantic may have won this legal round, more troubles may lie ahead. Atlantic is currently under investigation for reasons that were not immediately clear after its office was raided in April. [Crain’s]

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Joseph MoinianMoinian Group