Commercial Observer – Power 100
29. Joseph Moinian
Founder and CEO of the Moinian Group
Last Year’s Rank: 43
For last year’s Power 100, Joseph Moinian described his 2017 as a “banner year,” and it’s hard to argue against a similar run in 2018.
Most notably, in July the firm brought in Boston Properties as a minority investor and managing partner in developing its planned 2-million-square-foot office tower, 3 Hudson Boulevard, the $2 billion “crown jewel” of Moinian’s portfolio, as he told GlobeSt following the deal’s close.
Last February, Moinian unveiled Oskar, a new 14-story, 118-unit luxury rental project at 572 11th Avenue on the Far West Side, just around the corner from the firm’s massive 60-story rental, Sky. Tenants in Oskar—which was named after Moinian executive Oskar Brecher, who died in 2016—will have exclusive access to Sky’s Life Time Athletic club. Leasing at Oskar launched in April 2018.
Later in the year, Moinian locked down $595 million from J.P. Morgan Chase and Deutsche Bank to fully acquire 3 Columbus Circle—the location of Moinian’s headquarters—paying $233 million for SL Green Realty Corp.’s roughly 49 percent stake in the asset; the deal closed in November. Earlier that month, it announced that it secured a $140 million, Freddie Mac-backed refinance from Berkadia Commercial Mortgage for Ocean at One West Street, its 31-story Lower Manhattan residential tower.
Elsewhere in the business, Moinian’s financing arm Moinian Capital Partners provided $125 million in debt to refinance one of Marx Development’s Hudson Yards hotels, the 29-story Courtyard by Marriott, at the corner of West 34th Street and 10th Avenue. The firm also participated in the $70 million Knotel Series B funding round in April 2018.—M.B.
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