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.
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