The Real Deal New York

3 Columbus Circle opens for business

September 08, 2011 03:18PM

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Joe Moinian and 3 Columbus Circle
After a tumultuous few years, Joseph Moinian‘s brick office tower at 3 Columbus Circle is finally ready to display the results of a major makeover, Crain’s reported.

Moinian invested $100 million to transform the building, which was previously home to Newsweek. It has a new all-glass façade, a new roof and the lobby has been moved from West 57th Street to Broadway, Crain’s said.

“Everything that could be touched has been touched,” said Steve Durels, the head of leasing for SL Green Realty, which swooped in to bail out Moinian in return for a 49 percent equity stake after he defaulted on a $250 million loan at the property.

Rates at the spiffed-up tower range from $60 per square foot to $80 per square foot on the higher floors overlooking Central Park. [Crain's]

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