Moinian in talks with SL Green for 1775 Broadway rescue deal

TRD New York /
Sep.September 13, 2010 08:30 AM

1775 Broadway

Embattled developer Joseph Moinian is hoping SL Green Realty Trust will come to the rescue at 1775 Broadway, the distressed, 26-story office tower that he’s about to lose to the Related Companies if the developer completes its bid to buy the mortgage and foreclose on the property, also known as 3 Columbus Circle. Sources told the Post that Moinian is negotiating a deal with SL Green to lend him enough money to pay off the $250 million mortgage, complete renovations and make tenant improvements. The building is currently only 16 percent occupied, but a deal with SL Green would also likely mean a major new tenant: the William Morris agency. The new tenant would sign a non-disturbance agreement with Moinian in an attempt to block a takeover by Related, which plans to tear down the existing structure and replace it with a new one to house the city’s first Nordstrom department store. [Post]

 

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