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A smart gambler knows when to hold 'em and when to fold 'em, but rarely do you see anyone hold 'em as successfully as Joseph Moinian, CEO of the Moinian Group. For more than 20 years, the Manhattan-based Moinian Group has been acquiring properties all over the continent, but mainly in New York City, and slowly, quietly establishing itself as one of Manhattan's most revolutionary owners/developers.
Particularly Downtown and on the West Side, The Moinian Group has built its portfolio by buying and repositioning obsolete, underperforming buildings, then holding onto them as they become moneymakers. Over the past few years, the firm has championed Lower Manahattan's rebirth as a mixed residential and commercial communtiy and at the same time, helped Eighth Avenue emerge as one of the city's up-and-coming residential areas. For instance, his work at 90 John St. and 17 Battery Place gave Downtown credibility as an upscale residential community. More recently, Moinian's projects at 900 Eighth Ave. at 53rd Street and the Biltmore at Eighth Avenue and 47th Street are transforming a neighborhood that traditionally was lightly regarded by investors.
Overall, the Moinian Group's portfolio amounts to some eight million sf, including such recent acquisitions as Galleria at 57th Street, 500-512 Seventh Ave., 1775 Broadway, 50 West 23rd St., and the former Bank of New York building at 90 Washington St. Moinian predicts that his group will add another two million sf of acquisitions in the next 12 months, with five or six new development projects likely to start in 2004 and 2005. "We're negotiating contracts on six new sites, trying to get air rights, or waiting for a zoning change," the CEO confirms. "We're focusing on the West Side for acquisitions and developments. I'll buy and develop anything that makes sense, but I tend to concentrate on areas; and we see more opportunities on the West Side, less competition and a stronger future. Some years the West Side advances faster than others, but in the long run, it will be the winner from a development standpoint."
Moinian's current focus is on residential development. Projects now under way include the aforementioned Biltmore, a 53-story, mixed-use building with 493 apartment units on the northeast corner of 47th Street and Eighth Avenue. The Moinain...