Bills coming due for Joe Moinian
Crain's New York Business reports: Two months ago, developer Joseph Moinian and a partner were forced to give up 475 Fifth Ave.—a building they had purchased only two years earlier—after failing to repay a loan.
With troubled deals all over town, it's likely that building won't be the last one Mr. Moinian will lose.
In fact, over the past two months, Mr. Moinian has quietly told lenders that he expects to default on loans due in November for two of his other holdings: 180 Maiden Lane and 17 Battery Place North. Meanwhile, challenges are mounting at his other holdings, including 1775 Broadway and 95 Wall St.
Mr. Moinian is one of a number of developers who took full advantage of the abundant capital and low lending standards of the boom years to gobble up properties at eye-popping prices. And like his peers—including Harry Macklowe, who has given up eight buildings to lenders, and Broadway Partners' Scott Lawlor, who has lost one and is about to relinquish three more—Mr. Moinian is now suffering the consequences of the bust.
“A lot of these guys who bought in 2006 and 2007 are in trouble,” says Dan Fasulo, managing director of Real Capital Analytics, a research firm.
View the full article on Crain's New York Business: Bills coming due for Joe Moinian
Posted by: Nina Turner