NEW YORK CITY-Creditors seeking to foreclose on Joseph Moinian's12-story office building at 72 Madison Ave. for missing out $22million mortgage payments have filed a lawsuit against him infederal court. Mr. Moinian had taken a $22 million mortgage in2007.
Due to the economic downturn, rental income fell and vacancyrates increased. According to documents filed in the court, Mr.Moinian was late in paying multiple loans. For the fullstory, go to Wall Street Journal.
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