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]

Shimon Shkury, the former Massey Knakal Realty Services partner who left to start his own firm, Ariel Property Advisors, recently hosted a fundraiser for Legal Outreach on the penthouse lounge of the Atelier Condominium in Midtown (see photos above). It’s a non-profit organization benefiting youth eductation for which Shkury serves on the advisory board. The Moinian Group-developed building, at 635 West 42nd Street, has an indoor pool, a basketball court, a tennis court, a 12,000-square-foot health center, daily breakfast and is reportedly home to several celebrities. Though no celebrities were spotted at the Shkurys’ event, the party did draw some notable names from the real estate industry. — Adam Fusfeld

From the June issue: Joseph Moinian founded the successful ladies’ apparel company Billy Jack for Her before venturing into real estate in 1982. Today, the Moinian Group operates a 20 million-square-foot portfolio of assets across the U.S., valued at more than $8 billion. The firm’s holdings include the newly opened W New York-Downtown Hotel & Residences and a stake in Chicago’s Sears Tower. At the 768,500-square-foot office tower 3 Columbus Circle, Moinian is close to completing a $175 million redevelopment, after a $138 million equity investment from SL Green Realty Corp. helped fend off an attempted takeover by the Related Companies. Click here to read the interview.

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]

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]

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]

From left: Joe Moinian, SL Green CEO Marc Holliday, Deutsche Bank CFO Stefan Krause, Related CEO Stephen Ross and 3 Columbus Circle

SL Green and the Moinian Group last Wednesday said they deposited $258.6 million to settle the 3 Columbus Circle foreclosure case with Deutsche Bank and Related Cos., and warned that if the lender refuses the payoff it will trigger a protracted court battle. Deutsche filed suit earlier this year to foreclose on the project, alleging Moinian defaulted on $250 million in mortgage loans at the 26-story tower. Moinian later filed a $200 million counter suit, alleging Deutshe engaged in a predatory scheme to let Related — which acquired the debt in a joint venture with Deutsche — foreclose on the building, demolish the existing site and redevelop the property in a hotel and office complex anchored by a Nordstrom’s department store. [more]

HGTV has revealed the winner of its condo giveaway sweepstakes, and the fully-furnished one-bedroom apartment at the Moinian Group’s W New York Downtown will go to 21-year-old Adam Venckauskas, a University of Central Florida senior from Boca Raton. The network received more than 15.5 million entries for the 900-square-foot pad, which, together with the aspiring civil engineer’s new Acura ZDX, also courtesy of the sweepstakes, is worth close to $1.5 million. Watch his reaction to his prizes above. TRD

Two Trees’ Asher Abehsera and 50 West 23rd Street

Brooklyn-based Two Trees Management bought its first Manhattan office building, closing this morning on the 13-story property at 50 West 23rd Street from the Moinian Group for $129.5 million. Asher Abehsera, of Two Trees, represented his firm in the transaction, while Joseph Moinian represented the Moinian Group. The contract for the purchase of the 340,000-square-foot building located in Chelsea was reported in September.

The sale has not yet appeared in public records. TRD [more]

From left: W New York Downtown Hotel & Residences, Adam Leitman Bailey and John Desiderio

Moinian Group is facing allegations that it continued to sell units at the W New York Downtown Hotel & Residences despite an order to suspend sales from the federal Department [more]