The Real Deal New York

Moinian facing default on two loans

July 27, 2009 02:55PM

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.

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