Real Estate Mogul at Risk as Interest Rates Rise
By: Christine Haughney
February 2005
Joe Moinian builds an empire on debt; business style draws kudos, criticism
Unhappy tenants
Tenants at luxury rental building 90 90 Washington St.-downtown’s first conversion project to use Liberty Bonds – filed lawsuites because of broken elevators, burst pipes that flooded apartments and broken heating. Tenant lawyer Adam Leitman Bailey says that The Moinian Group fixed such problems only after residents started lawsuit and settlement discussions.
Moinian executives view dealing with such issues as the price of being a big player.
“When you own 20 million square feet of space, you’re going to get complaints,” says Harry Dreizen, The Moinian Group’s general counsel.