NEW YORK CITY-The meltdown in the realty market in New York was expected to take down developer Joe Moinian along with it; but surprisingly it has not. Moinian has taken advantage of the reluctance of lenders to foreclose on properties. His portfolio still exceeds 20 million square feet in New York, Chicago, Los Angeles and Dallas.
He managed to restructure about $400 million of debt earlier this year and arranged a new financing of $150 million for the Ocean. For the full story, go to Wall Street Journal.
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