Battle continues over 3 Columbus Circle

Lender Deutsche Bank is not expected to accept the full payoff of the defaulted loan on 3  Columbus Circle by the end of the day, Crain’s reported. Developer Joseph Moinian bought 3 Columbus Circle, also known as 1775 Broadway, in 2004, refinanced it two years later with a $250 million loan, and then defaulted on the mortgage earlier this year. In September, Related Cos. bought the $250 million mortgage and moved to foreclose on the property, intending to destroy it and create a larger building. In a bid to stop foreclosure, Moinian submitted a $258.6 million bank check to pay off the loan in its entirety. Deutsche Bank has until the end of business today to accept the money. If the funds are accepted, the pending foreclosure case will end. [Crain’s]