The Real Deal New York

Kohl’s could save Moinian’s 1775 Broadway, but first he has to keep the lights on

November 12, 2009 09:30AM

Kohl’s Department Store may be coming to Manhattan, and the company is eyeing the first five floors of Joseph Moinian’s 1775 Broadway tower at Columbus Circle for its new space. Unfortunately, the building’s lights are slated to go out by Nov. 16, unless Moinian ponies up the overdue electric bill, which is easier said than done. Moinian, who bought the building for $130 million in 1999, is also straining to keep up with loan payments on the 26-story property, which are expected to increase by 23 percent early next year. A source told Crain’s that Moinian could lose the building if he doesn’t land a major tenant like Kohl’s. Moinian already lost 475 Fifth Avenue to Barclays Capital last year, and has said he will default on loans at 180 Maiden Lane and 17 Battery Place North. Kohl’s, meanwhile, is reportedly also looking at alternatives to Moinian’s 1775 Broadway, like 224 West 57th Street and a Union Square space. [Crain’s]

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