Moinian facing default on two loans
July 27, 2009 03:00PM
Joseph Moinian
Developer Joseph Moinian has informed lenders over the past several months that he expects to default on loans at two of his properties, 180 Maiden Lane and 17 Battery Place North, Crain's New York Business reported. Both properties' loans — $292 million at 180 Maiden Lane and $453 million on 17 Battery Place North — are due in November. The credit crunch has made it difficult for Moinian, who has already had to give up 475 Fifth Avenue, to refinance loans. In addition, Moinian's payments on his 1775 Broadway mortgage are likely to go up 23 percent next year, and the building is only one-third filled.
[Crain's]
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Comments
Anonymous
Na-na-na-na, Na-na-na-na, hey hey hey, GOODBYE!!!
Comment #1 Posted By: Anonymous 07/27/09
Anonymous
Forget DOA, it's DOM, Death of Moinian.
Comment #2 Posted By: Anonymous 07/27/09
Anonymous
1775 Broadway is a disaster.
Comment #3 Posted By: Anonymous 07/27/09
Anonymous
What all of the jealous losers on these posts don't understand is that unless Moinian loses EVERY single building he owns/manages he will be fine...He made cash from all of the successful developments and is hiding it somewhere for the market to comeback. When it does, he will no longer lose buildings left and right.
Comment #4 Posted By: Anonymous 07/27/09
Joe, remember how you shunned me and wouldn't even say hello?
Comment #5 Posted By: 07/27/09
Anonymous
Better to be a king for a year than a pauper for a lifetime.
Comment #6 Posted By: Anonymous 07/27/09
Anonymous
Rupert Pupkin said it all.
Comment #7 Posted By: Anonymous 07/27/09
Anonymous
Not sure about that thinking, #7- just ask Bernie.
Comment #8 Posted By: Anonymous 07/27/09
Anonymous
has anyone seend the Bway (former Newsweek) building? Blasted off the irreplaceable classic columns at the base and slapped on glass OVER the bricks up top .........Has there ever been a worse butcher of a building in New York, without actually tearing it down?
Comment #9 Posted By: Anonymous 07/27/09
Anonymous
Joe may be an honored individual in his community and certainly has many successes but he's always treated the brokers poorly and now here he is with empty buildings and little continuing success. All a broker asks for is to be paid and paid timely. I guess its come back to haunt him.
Comment #10 Posted By: Anonymous 07/27/09
Anonymous
I won't even comment on # 14 as I can't even understand the first line. As to # 13 I can say that all brokers are whores. I will never feel pity for you or for those of your ilk.
Comment #11 Posted By: Anonymous 07/27/09
Anonymous
who are you 15? one of the pathetic persian ass boys?
Comment #12 Posted By: Anonymous 07/27/09
Anonymous
Weak up , stay up
Comment #13 Posted By: Anonymous 07/27/09
Anonymous
#4 where did he hide it? Under his magic carpet?
Comment #14 Posted By: Anonymous 07/27/09
Anonymous
problems 17? really - I would say this is more than "problems". It is the beginning of the end for this guy - you know it. the banks know it. He knows it. Will lose one building at a time, but will lose it all.
Comment #15 Posted By: Anonymous 07/27/09
Anonymous
There were non-recourse loans. This means he purchased these properties and took ALL of his cash, if not more, out in a refinance. what does he care? Simply give back the keys and move on He loses no money- the bank does
Comment #16 Posted By: Anonymous 07/27/09
Anonymous
I heard Moinian gave Obama 3mm in cash, and will get a $13 Billion bailout.
Comment #17 Posted By: Anonymous 07/27/09
Anonymous
love it
Comment #18 Posted By: Anonymous 07/28/09
Anonymous
Joe is fully recourse on some of these deals. Rumor is he is selling his Quogue house and might be forced to BK.
Comment #19 Posted By: Anonymous 07/28/09
Anonymous
Maybe Kent Swig can bring Fortress in to help
Comment #20 Posted By: Anonymous 07/28/09
Anonymous
how do you know #28? When is the big fire sale on the rest of the portfolio? I got dibs on some of those rental buildings: www.moiniangroup.com
Comment #21 Posted By: Anonymous 07/28/09
Anonymous
Not sure Fortress would be interested in partnering with a guy like Moinian.
Comment #22 Posted By: Anonymous 07/28/09
Anonymous
#1-28: what a pathetic bunch of wannabes. yes i am a broker. yes i am struggling. yes i am envious of the successful ones. but there is no point in begrudging someone elses success. never wish someone else ill...it serves no point and doesnt improve your situation one tiny bit.
Comment #23 Posted By: Anonymous 07/28/09
Anonymous
Someone who worked for Joe told me that he was quite happy after 9/11 since prices fell downtown. He kept talking about how all of this will be "gold". Tch tch tch. Bad karma is a bitch.
Comment #24 Posted By: Anonymous 07/28/09
Anonymous
if that is true 33, that is truly discusting.
Comment #25 Posted By: Anonymous 07/28/09
Anonymous
no i have never had. but he does pay his bills or at least did when i dealt with him in a prior position. i still cant understand hating someone for being a more shrewd business person than you. if he beat you on a commish, then most likely you left yourself open and didnt properly cover your butt. all the big guys will exploit weaknesses in their 'opponents'; its one big happy game. learn the rules or get beat, at your own expense.
Comment #26 Posted By: Anonymous 07/28/09
Anonymous
Joe should buy the NY Knicks
Comment #27 Posted By: Anonymous 07/28/09
Anonymous
not true. joe m. is fully recourse and about to lose his homes, his buildings, even his operating company.
Comment #28 Posted By: Anonymous 07/28/09
Anonymous
Thats what you get when Cushman & Wakefield manages your property.
Comment #29 Posted By: Anonymous 07/28/09
Anonymous
tell us #40, how do you know this? I think you are making it up - unless you show proof or more details
Comment #30 Posted By: Anonymous 07/28/09
Anonymous
#4/39 you are an idiot and dont know what you are talking about. people who have the type of money you are referring to dont "hide" it when they are in jeopardy of losing buildings, only to buy more bldgs when the market gets better. think about that....does that really make economic sense.
Comment #31 Posted By: Anonymous 07/28/09
Anonymous
Joe is suffering badly. He can't pay his staff and is stripping his business down to the bare essentials and the goharis.
Comment #32 Posted By: Anonymous 07/28/09
Anonymous
Joe is the King. He will get through this and show all you losers that he is no quitter.
Comment #33 Posted By: Anonymous 07/28/09
Anonymous
Say it ain't so Joe !!!!!!!!!!!!!!!!!!
Comment #34 Posted By: Anonymous 07/28/09
Anonymous
46 It aint So!!!! MoFo
Comment #35 Posted By: Anonymous 07/30/09
Anonymous
Joe has made plently of mistakes but if I had to bet long term, the guy will be bounce back big.
Comment #36 Posted By: Anonymous 07/31/09
Anonymous
Number 48 why say such stupid things. Joe owns the house free and clear. Your a loser pencill pusher. Long Live Joe!
Comment #37 Posted By: Anonymous 08/01/09
Anonymous
hey guys correct me if i am wrong cant joe just hold off paying his monthly mortgage payments while collecting rent on 20 million square feet portfolio for few months and walk away with few hundred million?
Comment #38 Posted By: Anonymous 08/10/09
Anonymous
You always THOUGHT you were better than me.
Comment #39 Posted By: Anonymous 08/14/09
Anonymous
Anybody knows what will happen on W hotel condo undergoing project? I want to withdraw the purchase contract.
Comment #40 Posted By: Anonymous 08/17/09
mount Si Nai
Joe moinian is my hero...I love him...he is king
Comment #41 Posted By: mount Si Nai 08/18/09
Ben Nehmadi
I am the true BEN NEHMADI. I understand that this blog contains and has contained false postings using my name, which make negative comments about Joe Moinian and other members of the real estate community. An imposter made these postings. I did not. I am taking action to identify the imposter and eliminate the false postings.
Comment #42 Posted By: Ben Nehmadi 08/24/09
Anonymous
Why has 17 Battery Place's northern chimney been spewing black smoke all day? Don't they know that is against the law?
Comment #43 Posted By: Anonymous 01/19/10
Anonymous
Joe is a nice guy!
Comment #44 Posted By: Anonymous 07/08/10