In happier times for the commercial real estate market, the Moinian Group was one of many landlords that decided a facade facelift on one of its properties could do wonders for its bottom line. The beneficiary was 1775 Broadway, aka 3 Columbus Circle, where Moinian planned to give the old masonry a glassy $70 million new cover. The market had other ideas, and soon Moinian couldn't even pay the electric bill. A missed cry for help? Maybe, because Deutsche Bank has sued for foreclosure on the building, Bloomberg reports. Moinian stopped making payments on the $250 million mortgage in January. Since the tower is only 23 percent occupied, it doesn't have the funds to pay off the debt. Perhaps it would like that flesh-eating virus to finish it off now.
· Deutsche Bank Seeks to Foreclose on NYC Tower After Moinian Stops Payments [Bloomberg]
· 1775 Broadway coverage [Curbed]