2023 Real Estate Power 100

2023 Real Estate Power 100Commercial Observer | May 15, 2023

During a year when The Moinian Group was celebrating its 40th anniversary — including the release of a retrospective book chronicling its decades of development — the Manhattan-based landlord and developer was also working on its next chapter.

Reinvention and renovation were key themes for Joseph Moinian, whose history of identifying and popularizing neighborhoods in Manhattan has served the namesake company well during a generally flagging office marker.

Two massive developments on the Far West Side — 3 Hudson Boulevard, a 1.9 million-square-foot tower on 11th Avenue co-developed with Boston Properties, and the Hudson Arts Building, a nearly column-free glass and terra-cotta pedestal built on spec — suggested an unwavering confidence in Class A office space. Moinian had helped plant a flag in the neighborhood years before, and now, years after the arrival of Hudson Yards, Manhattan West and the 7 Train, these forthcoming properties are squarely aimed at being final destinations in the larger trend of tenants’ flight to quality.

The firm’s zeal for redevelopment and upgrading its portfolio, often on spec, paid off in a massive way, with significant leasing activity in Midtown South and at flagship properties such as 60 Madison Avenue and 535-545 Fifth Avenue. Moinian inked 350,000 square feet in leases overall last year, and vacancy on major locations dipped below 10 percent by the end of 2022.