Ross Tries to Foreclose on 3 Columbus Circle

By GlobeSt News Hub

Print Email Share Reprints News Tip? Get Alerts

Disable this ad

Sign Up for the New York AM Alert

Join the thousands of real estate professionals that subscribe to the New York AM Alert. Each and every morning, we deliver the important stories, data, analysis…as well as the opinions and insights of industry thought leaders to provide you with market intelligence and a daily business advantage.

Become a registered member today and don’t miss another important story in the New York market. Let GlobeSt.com be your source for everything real estate.

NEW YORK-Stephen Ross has pounced to snatch away a 26-story office tower at 1775 Broadway near Columbus Circle from Joe Moinian in order to change the building into a Nordstrom department store.

The landlord, Mr. Moinian has been trying to save the 700,000-square-foot building, renamed 3 Columbus Circle, and was about to restructure the building's $250 million mortgage. However, Deutsche Bank AG and Ross's firm, Related Cos., launched a surprise move to purchase the property and force the property into foreclosure. For the full story, go to Wall Street Journal.

GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.

Categories: Northeast, Distressed Assets, Office, New York