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3 Columbus Circle 3 Columbus Circle

NEW YORK CITY—SL Green will receive $233 million for the sale of its 48.9% interest in 3 Columbus Circle to the Moinian Group. The sale is expected to close in the fourth quarter of 2018.

In September 2010, the Related Companies had bought the $250 million debt on the property and was going to foreclose on the 25-story tower, which was financially distressed and nearly vacant, according to an Oct. 26, 2010 article in The New York Times. The paper reported Joseph Moinian filed a lawsuit, accusing his lender and Steven M. Ross, the chairman and founder of the Related Companies, of trying to steal the building at a fraction of its cost. The Related Cos. responded that the lawsuit was without merit and “designed to attempt to excuse the borrower’s default in its mortgage obligations.”

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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