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Two Months to Go to $355M 180 Maiden La. Closing

NEW YORK CITY-Expect a mid-September flip of the 1.1-million-sf 180 Maiden La. Sources close to the deal confirm that Joseph Moinian will take over the asset from the Paramount Group. Full price is full value, given the future of Lower Manhattan, say insiders.

By John Salustri | Updated on July 09, 2004

NEW YORK CITY-Sources familiar with the deal have confirmed to GlobeSt.com that the 1.1-million-sf 180 Maiden La. in Lower Manhattan is set for a change in ownership. Joseph Moinian is currently in negotiations with current owner the Paramount Group to purchase the asset for roughly $355 million. In a market still reeling from inflated prices for trophy assets, experts tell GlobeSt.com that this deal is a win/win.

But sources are calling the news premature, indicating that there’s a sea of negotiation and paperwork that lies between this report and a done deal. In fact, closing is not in sight for another two months. But the extent of negotiation that remains is a mystery. No one at Paramount or Eastdil Realty, the marketer of the asset, returned phone calls by deadline, and executives at the Moinian Group responded only with a no-comment.

The 41-story building is home to law firm Stroock & Stroock & Lavan and Goldman Sachs. The asset was constructed in 1984.

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