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SL Green Recapitalizes 3 Columbus Circle
As reported in the New York Times today, Paul, Weiss client SL Green Realty Corp., the largest owner of New York City office space, completed its recapitalization of the office building at 1775 Broadway, also known as 3 Columbus Circle.
Joseph Moinian, a real estate developer who has been renovating the property, will retain ownership of the building in partnership with SL Green, after fending off mortgage foreclosure efforts from The Related Companies, which had sought to acquire and demolish the building. SL Green contributed a substantial cash infusion to rescue the building, including refinancing the $250 million mortgage which was in foreclosure, in order to allow the venture to complete the capital improvement program and lease up the building.