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Old November 13th, 2010, 05:02 AM   #21
RobertWalpole
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Carnegie 57 has only about that number. In fact, that sounds like the proper number for a high-end, tall, thin tower. Very high end towers have many, many floors with two apartments per floor and one apartment per floor higher up.
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Old December 6th, 2010, 08:00 PM   #22
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There should be some news about this possible project today, as the 6th of December is the deadline by which the mortgagee, Related, can accept or reject the funds tendered by the current owener, Moinian. Hopefully, Related will reject the funds, proceed with foreclosure and tear down this piece of junk.
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Old December 6th, 2010, 11:42 PM   #23
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HAPPY CHAUNNUKAH!



http://therealdeal.com/newyork/artic...defaulted-loan

Battle continues over 3 Columbus Circle
December 06, 2010 04:00PM



3 Columbus Circle Lender Deutsche Bank is not expected to accept the full payoff of the defaulted loan on 3 Columbus Circle by the end of the day, Crain's reported. Developer Joseph Moinian bought 3 Columbus Circle, also known as 1775 Broadway, in 2004, refinanced it two years later with a $250 million loan, and then defaulted on the mortgage earlier this year. In September, Related Cos. bought the $250 million mortgage and moved to foreclose on the property, intending to destroy it and create a larger building. In a bid to stop foreclosure, Moinian submitted a $258.6 million bank check to pay off the loan in its entirety. Deutsche Bank has until the end of business today to accept the money. If the funds are accepted, the pending foreclosure case will end. [Crain's]
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Old December 7th, 2010, 04:39 PM   #24
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Ross has spurned Moinian's tender!

Refund at 3 Columbus



In this economy, isn't it crazy for a lender to turn down a $258 million check from a developer looking to pay off a loan? Yep, unless we're talking about 3 Columbus Circle, where Related has returned Joseph Moinian's money because it wants to foreclose on the glassy monstrosity and tear it down for a new tower. The sides will continue to battle for the building in court. They should let us hold on to that check, you know, for safekeeping. [NYP]

www.ny.curbed.com

From the 7 Dec. 2010 NY Post:


Columbus Circle in checkmate
By LOIS WEISS

Last Updated: 1:21 AM, December 7, 2010

Posted: 1:21 AM, December 7, 2010

Comments: 0 More Print The battle for 3 Columbus Circle will continue in court after Deutsche Bank and Stephen Ross's Related Cos. rejected a $258.55 million check from SL Green Realty Trust and Joseph Moinian to settle a foreclosure case by yesterday's 5 p.m. deadline.

Moinian stopped making payments in January on the office building's loan in the middle of a major renovation and while negotiating a refinancing.

He recently partnered with SL Green to pay off the mortgage, but the loan had been sold by Deutsche Bank to Related, with the bank loaning Ross the money to buy Moinian's loan.

Litigation over a $54 million prepayment penalty demanded by the lenders will continue while they forego $70,000 in interest each day.

After Moinian defaulted, the bank accelerated the loan payment, but Moinian's attorney, Stephen Meister, claims under the mortgage language, no prepayment penalty is due if the loan was accelerated.

"I just got the check back," Meister told The Post. "We will be moving for summary judgment that they are not owed the $54 million prepayment penalty."

Related will now have to keep paying interest.

Read more: http://www.nypost.com/p/news/busines...#ixzz17R91veT1
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Old January 31st, 2011, 12:28 AM   #25
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WSJ

Quote:
Moinian, Related Cos. Settle Fight Over Manhattan Office Tower .

by ELIOT BROWN And LINGLING WEI
JANUARY 30, 2011



Landlord Joseph Moinian has successfully fended off a bid to wrest control of his 3 Columbus Circle Manhattan office tower, as he reached a deal last week to block a takeover attempt by mogul Stephen Ross, chairman of Related Cos., according to people familiar with the matter.

Mr. Moinian, in a partnership with landlord SL Green, paid a Related-Deutsche Bank venture more than $270 million to relinquish control of a $250 million mortgage on Mr. Moinian's property, multiple people involved with the deal said, people said.

Mr. Moinian and SL Green will have 50-50 control of the property while Mr. Moinian will own slightly more than 50% of the building, people said. The deal values the property at about $500 million.

The agreement puts to an end a high-profile battle between two prominent New York City developers--one that was closely watched in the industry given the unusually aggressive action by Mr. Ross.

This summer, Related, in a venture with Deutsche Bank, bought the mortgage on Mr. Moinian's property for about face value with the intent of foreclosing, demolishing the building, and putting a tower anchored by a Nordstrom in its place. That seemed a likely outcome because the development was under severe financial distress.

Mr. Moinian, facing debt woes throughout his portfolio, was effectively bailed out by SL Green in the fall, with the Manhattan firm agreeing to put up the necessary funds to pay off the troubled mortgage and take it off of the hands of Related and Deutsche Bank. Under the terms of the new deal, SL Green will pay off the debt with a short-term bridge loan, people said.

While the takeover attempt failed, the deal hands Related and partner Deutsche Bank a gain, with the duo taking in more than $20 million over the face value on a loan that lasted less than six months.

Still, the outcome is significantly less than the Related venture had sought, as it asked in court for a pre-payment penalty of $54 million from Mr. Moinian. The money ultimately paid to Related likely includes millions in interest payments that have accrued in recent months.

The litigation had put pressure on Mr. Moinian, given that he had difficulty continuing renovations on 3 Columbus Circle before he reached a resolution over the payments to Related. In court, his lawyer, Stephen Meister, likened the presence of Mr. Ross to a cancerous tumor, requesting a "Ross-ectomy" that removed him from the mortgage.

While the deal marks the exit of Related, Deutsche Bank is planning to stay in the deal as a mortgage holder, people involved said, along with SL Green.
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Old August 16th, 2012, 02:09 PM   #26
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It Lives! (and the 3 Columbus Tower proposal dies)

Ugly 3 Columbus Circle Will Avoid Wrecking Ball

Quote:
Jan. 31 2011

Poor 3 Columbus Circle: one of its neighbors, Related boss Stephen Ross, thought it was so ugly when seen from his office window that he launched a months-long campaign to take control of the building just so he could tear it down. Building developer Joseph Moinian, who glassed the building up as part of a $100 million renovation, fought back, and the Times reveals that the feud finally came to an end last Friday, when Ross surrendered agreed to stop trying for control of the building. How'd Moinian get him to do that? By paying off the building's mortgage and handing Ross an extra $28.4 million. Which should at least be enough for some shades at the office, so he can block 3 Columbus from view. Now Moinian's looking for retail tenants, and it turns out the building may get the city's first Nordstrom after all. All's well that ends well?
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