Moinian not a casualty of the economic crisis

August 09, 2010 06:45PM

From 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]