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Focused on New York City NEWNEW YORKYORK Focused on New York City An Interview with Joseph Moinian, Chief Executive Offi cer, The Moinian Group Moinian’s 605 West 42nd Street development EDITORS’ NOTE Joseph Moinian is a Yet, we cannot let sentiment alone Street Corridor, 235 of which will be affordable New York City-based developer, inves- dictate our actions. With expected pop- housing and will be a major step forward towards tor, and long-term owner of prime real ulation growth in New York, and the accomplishing Mayor de Blasio’s 10 year afford- estate nationwide. He is recognized for booming rental market, we have to ac- able housing plan. The building will also boast pioneering the development of emerg- commodate these changes. We are cur- an immense amenity space totaling to over 40,000 ing neighborhoods in major metropol- rently renovating 60 Madison Avenue in square feet. itan cities across the United States. He Midtown South, particularly for technol- While 605 West 42nd Street represents our cur- is a member of the Board of Governors ogy, media, and other creative fi rms. We rent dedication to housing on the Far West Side, of the Real Estate Board of New York are able to offer space fl exibility and 3 Hudson Boulevard embodies the future of a New and sits on the board of the Skyline modern amenities while keeping true York City offi ce tower. With environmental sustain- Museum. He is also a noted philan- to our signature technique of delicately ability at the forefront of our minds, we have de- thropist who supports the arts, civic or- blending a building’s historic charm signed a 1.8 million-square-foot LEED Platinum offi ce ganizations, and healthcare issues. Joseph Moinian with high-end design and state-of-the-art tower that will forever change the Manhattan sky- infrastructure. line. 3 Hudson Boulevard will sit adjacent to both COMPANY BRIEF Founded by Joseph Moinian in Is a large percentage of the population go- the new Hudson Park & Boulevard and the 7 line 1982, The Moinian Group (moinian.com) today ing to be priced out of this city? extension providing people with seamless move- boasts a portfolio of more than 20 million square feet New York City is a combination of fi ve bor- ment between the offi ce, the park and the subway. of property – and is among one of the only national oughs – Manhattan, Brooklyn, Queens, Staten These properties represent our vision and excite- real estate entities to develop, own, and operate prop- Island, and The Bronx, with a continuing push to ment for the new Far West Side. erties across every asset category, including offi ce, ho- build excellent product throughout the city. At no Will New York always remain the key fo- tel, retail, condominiums, and rental apartments. other point in my lifetime has the desire to live, cus area for The Moinian Group? work, and play in New York been greater than it New York will always be our core market. How far has the New York market come back? is today. There are many options in both the It is our home. We will never lose our New York New York and several other top U.S. cities residential and commercial markets across all fi ve focus, but we own and manage major offi ce assets have made a full recovery since the downturn. boroughs. in Chicago, Dallas, and downtown Los Angeles. We In regards to New York, the real estate mar- What did you anticipate about the trans- love those cities and expect to expand there. We ket gets stronger every quarter, no more so than formation of Lower Manhattan and has it be- also have signifi cant interest in several emerging with land prices, which have hit an all-time high. come what you expected? markets overseas. Manhattan is an island with space constraints, We are long-term investors in Lower Do you often look back and appreciate which drives up demand. But successful rezoning Manhattan – dating back to 1993 – and helped pi- what you’ve accomplished? efforts over the past several years have resulted in oneer the conversion of those buildings, most of My primary focus is usually on the next devel- a tremendous catalyst for multiple new develop- which we still own. opment, but taking time to refl ect on the past helps ments and acquisitions. We have seen the city grow The demand for space in Lower Manhattan keep me grounded. It is also important that I stay as a result, such as what we are now seeing on is at an all-time high. What was once a 9-to-5 in touch with our ongoing projects. Starting at 8:30 Manhattan’s Far West Side. fi nancial district is now transforming into a live/ PM on some Sunday nights and going until 2:30 in New York City has also seen a record escala- work/play neighborhood. The infl ux of media the morning, I visit our buildings and talk to our tion in prices for retail space. In addition to the sky- and creative fi rms, as well as the new world- people, such as doormen and cleaning staff, to help rocketing prices of the luxury retail market, such as class transportation network, has created a new make sure things are running smoothly, but also so along Fifth and Madison Avenues, the retail space thriving district. that our people see me. I want them to know we on side streets has exceeded previous highs as well. Are you surprised to see how many neigh- are in this together. Is it possible to make the older buildings borhoods have been developed that were pre- Can you ever turn the business off? in the city competitive today? viously unpopular? Delivering a quality product is a huge respon- New York City has some of the best-func- New York City constantly evolves. We were sibility, which includes running a healthy business. tioning assets in the world – both residential and early investors both in Lower Manhattan and the Far My family’s name is tied to this company, so it is commercial – with a mixture of older, classically West Side – areas that were previously less devel- important that we always meet or even exceed our designed buildings and new, glass-and-steel tow- oped – and those dreams are now becoming a reality. standards. But I do try to set aside as much time ers. There is tenant demand for both. We are excited about the success of our Downtown for family as possible. My wife and I have fi ve chil- The Moinian Group owns, operates, and properties, including The Residences at the W dren, two of whom work at The Moinian Group, maintains a great number of nationally registered Downtown and 180 Maiden Lane, as well as our so my time away from work most often involves landmark assets. Maintaining and restoring the his- properties on the Far West Side. doing things together that we enjoy. We are huge torical value of these beautiful buildings is essential We are currently developing a luxury residen- supporters of the art world, and contribute to many to the fabric of New York. The key is to upgrade tial property that will encourage the movement to philanthropic organizations. But no matter where I the infrastructure of these assets wherever possible, the Far West Side. 605 West 42nd Street will bring go, my business is always at least in the back of my while preserving their character and charm. over 1,174 residential rental units to the new 42nd mind. It’s impossible to turn it off completely.• 198 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2014 LEADERS MAGAZINE, INC. VOLUME 37, NUMBER 4.
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