Moinian hit with foreclosure at 72 Madison

New York /
Nov.November 15, 2010 09:07 AM

Even as Joseph Moinian attempts in court today to stave off an attempt by the Related Companies to wrest control of 3 Columbus Circle, the developer is battling on another front at 72 Madison Avenue, which has just been hit with a foreclosure lawsuit, too. Alleging that Moinian missed multiple payments on his $22 million mortgage there, creditors filed to take back the 12-story office building. Moinian took out the mortgage in 2007, but ran into trouble when the economy worsened, cutting into his rental income at the property. While he ultimately did make the $1.4 million worth of late payments on the loan, special servicer CW Capital said the developer has not ponied up $200,000 in penalties — which Moinian’s attorneys have dismissed as “nothing short of price gouging and economic extortion.” CW was also the special servicer on the defaulted debt at 3 Columbus Circle, which it sold to Related earlier this year in a move that Moinian has called underhanded. The amount of that mortgage is in question — Moinian says it is $250 million, while Related says it is $310 million — and a state Supreme Court judge will hear arguments today about how much Moinian needs to pay off. [WSJ]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
 Jeff Blau and One Ocean (Getty)

Related Cos. CEO Jeff Blau sells Miami Beach condo

Related Cos. CEO Jeff Blau sells Miami Beach condo
Phillips Point office towers with Related's Stephen Ross (JLL, Getty)

Related makes big bet on South Florida office market

Related makes big bet on South Florida office market
Clockwise from left: Richard LeFrak, Related chairman Stephen Ross, A&E's Douglas Eisenberg, Cammeby’s International Group founder Rubin Schron and Blackstone president Jonathan Gray (Getty, iStock)

These are NYC’s largest rental landlords of 2020

These are NYC’s largest rental landlords of 2020
Renderings of the "city within a city" concept outside central London. (Brent Cross Town)

Related is all in on “15-minute city” in London

Related is all in on “15-minute city” in London
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)

MKF Realty set to close on Related’s Union Square high-rise for $200M

MKF Realty set to close on Related’s Union Square high-rise for $200M
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...