September 03, 2010 08:30AM
Joseph Moinian’s 1775 Broadway, the 26-story office tower that once housed Newsweek magazine, has been hit with a foreclosure lawsuit by a unit of Deutsche Bank AG, according to Bloomberg news. The developer, who has renamed the building 3 Columbus Circle in conjunction with an ongoing $70 million renovation of the property, hasn’t made a payment on his $250 million mortgage since January, the suit alleges. In March, it continues, lender German American Capital demanded that the Moinian Group pay the loan in full to no avail. Moinian bought the tower, formerly known as the General Motors building, for $130 million in 1999. Newsweek moved out last year, and it is now 23 percent occupied. [Bloomberg]
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