NEW YORK CITY-Creditors seeking to foreclose on Joseph Moinian's 12-story office building at 72 Madison Ave. for missing out $22 million mortgage payments have filed a lawsuit against him in federal court. Mr. Moinian had taken a $22 million mortgage in 2007.
Due to the economic downturn, rental income fell and vacancy rates increased. According to documents filed in the court, Mr. Moinian was late in paying multiple loans. For the full story, go to Wall Street Journal.
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