But sources are calling the news premature, indicating that there's a sea of negotiation and paperwork that lies between this report and a done deal. In fact, closing is not in sight for another two months. But the extent of negotiation that remains is a mystery. No one at Paramount or Eastdil Realty, the marketer of the asset, returned phone calls by deadline, and executives at the Moinian Group responded only with a no-comment.

The 41-story building is home to law firm Stroock & Stroock & Lavan and Goldman Sachs. The asset was constructed in 1984.

The Moinian Group boasts a portfolio of some eight million sf of office, industrial, retail and hotel properties around the US, most of it based in Manhattan. Local holdings include Columbus Tower at 1775 Broadway and 900 Eighth Ave. According to the company website, Moinian is also planning or currently building some 1.5 million sf of Manhattan commercial space.

"I have a tremendous respect for Joe [Moinian] as a real estate professional and an operator," says Michael Boxer of RCG/Longview. "He knows his business. I don't think anyone would argue that he's probably paying full price for the building. But given the prospects for Downtown in general and the significant infrastructure we're likely to see emerge as a result of the rebuilding of the World Trade Center, we're going to see great viability and vibrancy in Downtown. It's not unreasonable to believe that Joe looked to those prospects and accepted the exposure in Maiden Lane given what's going to happen in the next few years." Boxer says that some of the transaction's senior lenders are considering RCG for junior pieces of the loan.

He adds that, given the first-class nature of the asset and the quality of the tenancy, "It's reasonable to assume that the long-term prospects are extremely favorable."

Ken Krasnow, executive managing director and New York leader for Cushman & Wakefield agrees. "Long term, there's tremendous bullishness for Downtown," he says, "and 180 Maiden La. is one of the best buildings in the market."

Instant Insights /

Two Months to Go to $355M 180 Maiden La. Closing

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