From left: Joseph Moinian, 535-545 Fifth Avenue (building credit: PropertyShark) and Jeff Winick
Even as more retailers appear to be downsizing, Joseph Moinian is working to combine 84,000 square feet of retail space on a full Fifth Avenue block. The New York Post reported that the Moinian Group head is unifying the retail space in the ground floor of the office building at 535-545 Fifth Avenue, between East 44th and East 45th streets. [more]
Midtown residents are none too happy with developer Joe Moinian, CEO of the Moinian Group, judging by some incidents last week, the New York Post reported.
A small fire broke out Thursday at a five-story building being demolished by Moinian to build a hotel at 237 West 54th Street, drawing fire engines and emergency trucks. Tenants of the adjacent building were forced to vacate. “There was a lot of smoke and we’re all nervous wrecks,” said one resident of 243 West 54th Street.
The residents, it seems, have had ongoing issues with the demolition. “It feels like earthquakes and bombs going off next door,” one resident said. Another tenant, Joanne Lockman, emailed the Post: “Waking up to a swaying building is scary on a good day.” [more]
Embattled developer Harry Jeremias is facing a new round of litigation for allegedly defaulting on $48 million in loans from Bank of America, used to purchase and renovate a 13-story office tower at 216 West 18th Street. Jeremias, founder of the Harch Group, allegedly defaulted on the loans after the project encountered months of construction delays, multiple stop-work orders from the Department of Buildings and deteriorating safety conditions at the site, according to documents filed Oct. 22 in New York State Supreme Court. Mortgage Electronic Registration Systems, a firm that services the loan on behalf of Bank of America, is asking for a court-appointed receiver, and warning that the building could lose its existing base of tenants without “competent” supervision of the project. [more]
