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The Moinian Group to credit rent for all tenants displaced by Hurricane Sandy

11.06.2012

Chairman Joseph Moinian Pledges Full Rental Credit And Total Restoration for Office, Retail, Residential Tenants in Moinian Group-Managed and Owned Portfolio

(New York, NY – November 6, 2012) – The Moinian Group, one of New York City’s largest real estate owners and developers, announced it will provide rent credits to all office, retail and residential tenants who were displaced from Moinian Group owned and managed properties by Hurricane Sandy listed below. The announcement was made by Joseph Moinian, the company’s founder and CEO.

The Moinian Group, which owns 20 million square feet of office, retail, hotel and residential property in the United States, has a large concentration of assets in lower Manhattan, an area deeply affected by Hurricane Sandy.

“We are dedicating all our resources to the speedy return of our tenants to their homes and places of business. The damage to properties throughout the Tri-State area has been unprecedented, and we are committed to the complete restoration of our properties,” Mr. Moinian said. “We have the utmost respect and concern for our tenants, and we are dedicated to their safety, comfort and efficiency. We are doing everything in our power and working closely with the City and the Department of Buildings, Con Ed, Time Warner, Verizon and other service providers to restore our tenants to full service and occupancy in our properties.”

Mr. Moinian said The Moinian Group will provide rent credit in the December billings to office, retail and residential tenants for every day they are not able to use their space within buildings that are owned and managed by The Moinian Group. These properties include: 90 John Street; 100 John Street; 90 Washington; W New York Downtown Hotel and Residences at 123 Washington Street; the Ocean at 1 West Street; 17 Battery South; 17 Battery North; and the commercial component of 19 West Street.

“Our tenants deserve the very best from us and I am extremely proud of the hard work, care and time The Moinian Group team is dedicating to returning them to their homes and places of business,” Mr. Moinian said. “Our property managers, on-site building staff and executive team have been working around the clock in the service of our tenants. We all look forward to welcoming them back home as soon as possible.”

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