The Real Deal New York

Posts Tagged ‘joe moinian’


  • From left: Morris Moinian of Fortuna Realty Group and a rendering of the Soho hotel at 525 Greenwich Street

    Developer Morris Moinian of Fortuna Realty Group is partnering with his 28-year-old nephew and son of developer Joseph Moinain, Matthew Moinian, to transform a vacant lot at 525 Greenwich Street in Soho into a $60 million hotel, he told The Real Deal today. Construction will begin on the project before the end of the year, he said.

    Matthew, who recently graduated from law school, has not joined the family business but is rather investing in the project as an individual.

    Fortuna, which bought the former parking garage site for $12.75 million at auction earlier this year, is in negotiations with various management systems to operate the hotel, Morris said, including the InterContinental brand, which operates Fortuna’s Hotel Indigo in Chelsea.  … [more]

    Comments
  • SL Green Realty has stepped in to help developer Joseph Moinian stabilize his investment in 180 Maiden Lane, a 1.1 million-square-foot office building in Lower Manhattan, the Wall Street Journal reported, but Moinian will pay heavily for the aid.
    SL Green, a mezzanine lender on the downtown property, has agreed to help Moinian restructure $292 million worth of debt in return for an ownership stake of 49 percent in the office tower, sources told the Journal.
    Moinian’s debt on the building reached special servicing early last year, but he managed to extend deadlines to 2012, thanks to help from advisory firm Iron Hound Management. Another deadline is on the horizon however, as an 800,000-square-foot lease by American International Group is set to expire in 2014. … [more]

    Comments
  • alternate<br /></a>text
    From left: Boston Properties’ Mort Zuckerman, Moinian Group’s Joseph Moinian, 250 West 55th Street rendering and 237 West 54th street

    Two big construction projects on the block bounded by Broadway and Eighth Avenue and 54th and 55th Streets were given the go-ahead by the Department of Buildings yesterday, the New York Post reported.

    As a result, Boston Properties’ 900,000-square-foot office tower at 250 West 55th Street will begin construction after a two-year hiatus and Joseph Moinian’s as yet unflagged, 34-story hotel at 237 West 54th Street, designed by Gene Kaufman, will rise on the site of a small building which is currently being demolished.

    Law firm Morrison Foerster recently signed on for 200,000 square feet at the Boston Properties building. … [more]

    Comments
  • alternate<br /></a>text
    Joseph Moinian and 100 John Street

    Developer Joseph Moinian has closed on an $84 million loan extension at the Financial District rental tower the Renaissance, where he had been facing a foreclosure lawsuit from special servicer LNR Partners, a representative for the developer said today.
    Moinian, CEO of the Moinian Group, had been in talks with his lenders to refinance the loan for more than a year, according to records from commercial real estate analytics firm Trepp. As The Real Deal previously reported, LNR filed to foreclose on the property in February, alleging that Moinian had not been making monthly mortgage payments despite taking in $550,000 per month in rent at the 221-unit property and despite having been notified of his default on the loan in August 2010. Negotiations for a loan modification were still ongoing at the time. “This extension allows us to move forward with the planned renovation of this core asset and once again demonstrates our commitment to working with our banks and lenders to secure the long-term success of our portfolio,” Moinian said in a statement provided to The Real Deal. … [more]

    Comments
  • 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]

    Comments
  • Joseph Moinian’s latest West Side hotel project hasn’t even gotten off the ground yet, but it’s already unpopular with its neighbors. According to the Post, union members from Local 79 have set up one of their infamous giant inflatable rats in front of the 237 West 54th Street site where Moinian has begun demolition work in preparation for the 34-story, Gene Kaufman-designed project. Apparently Moinian is using non-union workers to take down the existing, five-story structure after receiving approval from the city’s Department of Buildings last month, and sources said workers at Harry Gross’ next-door development site were angered when they got wind of it. … [more]

    Comments
  • The Bank of China has agreed to provide a five-year, $260 million loan to refinance 3 Columbus Circle, the glass-walled office tower where the Moinian Group narrowly skirted a takeover attempt by Stephen Ross’ Related Companies earlier this year. Moinian had been trying to renovate the 26-story building when he defaulted on his $250 million mortgage last summer and Related moved to try to wrest control through a foreclosure. The plan was to demolish the 700,000-square-foot structure and replace it with luxury condominiums and a Nordstrom department store. But SL Green Realty and Deutsche Bank came to Moinian’s rescue, helping Moinian to pay off Ross and take back the mortgage. TRD[more]

    Comments
  • Joseph Moinian is barely hanging onto several of his existing properties, but the Iranian-born developer is still gearing up to build in New York. According to the Post, Moinian has filed plans with the Department of Buildings to tear down the vacant, five-story building at 237 West 54th Street and put a 34-story Gene Kaufman-designed hotel in its place — right next door to a 67-story Marriott Hotel planned by Harry Gross’ Broadway Granite Development. Moinian’s demolition application has already been approved, though the DOB is still reviewing the hotel plans. A representative for Moinian said the site is in “very preliminary” stages, and that the only work being done there so far is cleanup. … [more]

    Comments
  • alternate text
    Stephen Ross and 3 Columbus Circle

    Joseph Moinian has struck a deal to retain control of his 26-story office tower at 3 Columbus Circle, fending off a hostile takeover by developer Stephen Ross and his Related Companies, the Wall Street Journal reported. Ross had purchased the $250 million defaulted mortgage on the project last summer, planning to wrest control through a foreclosure before demolishing the existing structure and building a Nordstrom department store beneath luxury condominiums. But late last week, Moinian, with the help of SL Green Realty, paid off Ross to the tune of $278 million, taking back the mortgage and putting an end to the clash. … [more]

    Comments

  • Over 2,000 people attended the Real Estate Board of New York’s annual banquet last Thursday night (see a story on the affair here). The Real Deal milled around the event, held at the New York Hilton, and chatted with real estate pros and politicians — from City Council Speaker Christine Quinn to Mary Ann Tighe, chairman of REBNY & CEO of CBRE’s tri-state region, to Bruce Mosler, chairman of global brokerage at Cushman & Wakefield, to developers Joseph Moinian and Douglas Durst among others — about what they are seeing going on in the marketplace (see video above). The Real Deal also captured some protesters that were on the scene. 
    [more]

    Comments
  • All Post columnist Steve Cuozzo wants for Christmas is more progress at the World Trade Center site. Among the items on his year-end holiday wish list for the rest of Manhattan: “another Google-size office building purchase,” “a resolution to the mess at the former Drake Hotel site,” and “an iPhone app with real-time updates on Joe Moinian’s and Kent Swig’s mortgage status at various buildings just so we can stop annoying their publicists every week.” … [more]

    Comments
  • Commercial big-boys vie for tenants

    December 16, 2010 06:52PM
    alternate text

    A Joseph Moinian-Stephen Ross battle for tenants may be underway, with Moinian announcing plans to build a new office tower just north of Related Companies’ $15 billion West Side rail yards development, which is currently seeking office tenants, according to the Wall Street Journal. Although Moinian hasn’t divulged too many secrets about his new development, set to break ground on 11th Avenue between 34th and 35th streets, he did say he plans to begin marketing the 1.6 million-square-foot tower “very soon.” While the timing of Moinian’s announcement may be brushed off as mere coincidence — the developer said he’d been planning the project for five years — their relationship has not been free from tension. The Related CEO has been angling to foreclose on Moinian’s 3 Columbus Circle office building. [WSJ][more]

    Comments
  • Battle continues over 3 Columbus Circle

    December 06, 2010 04:13PM

    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. … [more]

    Comments
  • The W Downtown Hotel & Residences at 123 Washington Street is facing a $1.6 million lawsuit in New York State Supreme Court from a next-door condominium that the new hotel is located dangerously close to the older building’s chimney and ventilation systems. The Moinian Group, which developed the W, and Starwood Hotels and Resorts, which manages the property, were named in the lawsuit filed Nov. 9 by 120 Greenwich Place. … [more]

    Comments
  • Moinian, Ross spar over 3 Columbus Circle

    November 15, 2010 05:44PM

    Developer Joseph Moinian reached an impasse in a high-profile battle to block Deutsche Bank and Related Cos. from foreclosing on his 3 Columbus Circle office tower and demolishing the property in favor of a new tower anchored by Nordstrom’s department store. Related Chairman Steve Ross and lawyers for Moinian squared off this morning in New York State Supreme Court, while the two executives sat impassively in the front row, watching what amounted to a legal sparring match with Judge Charles Ramos repeatedly injecting a wry sense of humor to keep the showdown from turning into a three-ring circus. … [more]

    Comments
  • Moinian W Downtown debt sells

    October 28, 2010 01:00PM

    A real estate private equity firm has purchased developer Joseph Moinian’s defaulted debt tied to the W Downtown Hotel & Residences, according to Bloomberg News. The purchaser, Iron Point Titan Ventures, purchased the debt last week, according to a source close to the deal, although the sale has not yet been announced publicly. Moinian defaulted on the $25 million mezzanine loan last October. [Bloomberg]

    [more]

    Comments
  • SL Green CEO Marc Holliday, 3 Columbus

    The Moinian Group has struck a deal with SL Green to recapitalize its stake in 1775 Broadway, recently renamed 3 Columbus Circle, a 768,565-square-foot office tower on Eighth Avenue between 57th and 58th streets, the firms announced today. The deal, which includes a standby mortgage commitment and a possible future investment agreement, will free up funds for Moinian, who defaulted on a $250 million mortgage on the building in March. Moinian, who will keep roughly 51 percent of the building while handing over a 49 percent stake to SL Green, is said to be … [more]

    Comments
  • Developer Joseph Moinian’s 4,000-square-foot co-op at 1045 Park Avenue has been pulled from the sales market and re-listed as a $32,000-per-month rental, Curbed reported. The 11-room spread, which the developer has been trying to sell since last March, was most recently listed for $7.9 million with Prudential Douglas Elliman’s Jacky Teplitzky. A tipster told Curbed, though, that Teplitzky’s team is “officially out as exclusive brokers,” replaced by Elliman’s Peter Acocella of the recently-acquired Acocella Group, along with Stephen Dartley and Brian Sakonchick. The tipster said the full-floor apartment is still for sale — with an increased price of $7.995 million — though only the rental listing is currently online. [Curbed]

    [more]

    Comments
  • Developer Joseph Moinian’s 4,000-square-foot co-op at 1045 Park Avenue has been pulled from the sales market and re-listed as a $32,000-per-month rental, Curbed reported. The 11-room spread, which the developer has been trying to sell since last March, was most recently listed for $7.9 million with Prudential Douglas Elliman’s Jacky Teplitzky. A tipster told Curbed, though, that Teplitzky’s team is “officially out as exclusive brokers,” replaced by Elliman’s Peter Acocella of the recently-acquired Acocella Group, along with Stephen Dartley and Brian Sakonchick. The tipster said the full-floor apartment is still for sale — with an increased price of $7.995 million — though only the rental listing is currently online. [Curbed]

    [more]

    Comments
  • alternate textFrom left: 17 Battery Place, the W Downtown and Joe Moinian

    When the financial crisis hit New York’s commercial real estate market, many in the industry predicted one of its first casualties would be developer Joseph Moinian, but it looks like the reports of his impending demise were greatly exaggerated, according to the Wall Street Journal. Just as he once benefited from cheap debt, Moinian, of the Moinian Group, is now taking advantage of lenders’ reluctance to foreclose on property during the downturn to stay there. His current holdings exceed 20 million square feet in New York and other cities across the country. Earlier this year, Moinian announced that he had restructured about $400 million of debt backing two lower Manhattan properties, 17 Battery Place and 180 Maiden Lane, and arranged $150 million in new financing for the Ocean, a rental apartment building in the Financial District. Now, Moinian is working on deals with creditors on two of his most high-profile projects: the $240 million development of W Downtown Hotel and Residences and the $100 million upgrade of office tower 3 Columbus Circle, and talks could still break down, according to people familiar with the matter. Moinian, who declined to comment, said in a statement: “We have stabilized our portfolio to a great extent and will always be vigilant about protecting our assets and tenants/residents, as well as our investment partners.” [WSJ]

    [more]

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News