Moinian in talks with SL Green for 1775 Broadway rescue deal

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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