Moinian puts 605 West 42nd Street on the market

New York /
Oct.October 18, 2011 09:48 AM

alternate
text
From left: Joseph Moinian and a rendering of 605 West 42nd Street
Moinian Group head Joseph Moinian is putting a 1.1 million-square-foot development site in Midtown West on the market, the New York Post reported.

The developer wants to find financing for a $750 million, 65-story rental apartment tower designed by Costas Kondylis on the site, located at 605 West 42nd Street near 11th Avenue. However, Moinian admitted that while he’d prefer to find financing and develop the tower himself, he is leaving the options open for a sale.

“When you market something, you have to leave the door open for anything that could be beneficial to the project, including selling it,” he said.

As a result, he’s commissioned a Jones Lang LaSalle team team of Ron Cohen, Richard Baxter, Jon Caplan, Scot Latham and Stephen Shapiro to market the property as a sales opportunity. The site is shovel-ready, has Department of Buildings permits, is registered as an 80-20 project eligible for tax abatement, and has a foundation that’s 65 percent complete.

Public records show that Moinian bought the site from Verizon for $120 million in 2005. Just last month, Moinian boasted at a real estate panel that he was prepared to move forward with developing the site. [Post, 1st item]


Related Articles

arrow_forward_ios
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
511 Barry Street and CenterPoint Properties CEO Bob Chapman (CBRE, GI Partners)
CenterPoint buys second warehouse in Hunts Point
CenterPoint buys second warehouse in Hunts Point
JLL CEO Christian Ulbrich and JLL Income Property Trust CEO C. Allan Swaringen (JLL, iStock)
JLL arm buys $560M stake in single-family rental portfolio
JLL arm buys $560M stake in single-family rental portfolio
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
JLL purchases artificial intelligence startup
1325 Sixth Avenue and 10 Jay Street (Paramount Group, ODA)
Manhattan’s sublease glut may be coming to an end
Manhattan’s sublease glut may be coming to an end
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
arrow_forward_ios

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

Loading...