Joseph Moinian is the Founder and CEO of the Moinian Group.
Joseph Moinian | |
|---|---|
| Born | |
| Nationality | United States |
| Occupation | Real Estate Developer |
| Known for | Founder and CEO of the Moinian Group |
| Spouse | Nazee Moinian |
| Children | Matthew Moinian Mitchell Moinian Mahtab Moinian Michaela Moinian Morgan Moinian |
| Parent(s) | Ayoub Moinian Sarah Moinian |
Early life
Moinian was born in Teheran to a Iranian Jewish family,[1] the son of Ayoub Moinian and Sarah Moinian.[2] His father was also a real estate developer.[2] He immigrated to the United States at the age of 17.[2] His brother is real estate developer Morris Moinian, founder of Fortuna Realty Group.[3] His other brother is real estate developer David Minion, founder of Moin Development Corp.
Career
In 1982, Moinian founded the ladies’ apparel company Billy Jack for Her.[2] In 1990, he founded the Moinian Group to invest in real estate, leveraging his earnings from his apparel company to purchase loft buildings in Manhattan.[4] In 1999, he purchased the art deco 1775 Broadway from Lester Weindling for $130 million.[1] He quickly renovated it wrapping the building in glass.[1] In 2004, he was an investor, taking a 25% stake,[5] in a group that purchased the 110-story Sears Tower in Chicago for $840 million with partners Lloyd Goldman, Joseph Chetrit, and Jeffrey Feil, eventually changing the name to the Willis Tower in 2009.[6] Between 2005 and 2007, he expanded his portfolio taking advantage of the willingness of banks to lend at the time, financing the transactions with interest-only loans and very little of his own money.[5] In 2010, he completed the 57 story W New York Downtown Hotel and Residences.[7] Moinian is working to develop a new 66-story, 1,700,000 square feet (160,000 m2) building named 3 Hudson Boulevard in the Hudson Yards Redevelopment Project.[8][9] In 2007, Moinian acquired 550 South Hill Street, an International Jewelry Center in Downtown, Los Angeles for $144 million. In 2006, Moinian acquired a 4.5 acre property across the street from Staples Center in Downtown, Los Angeles for $80 million from Anschutz Entertainment Group and then sold it in 2013 for $180 million to Beijing-based property developer Oceanwide Real Estate Group Co.
Personal life
Moinian is married to Nazee Moinian, also from Iran, who he met when he was 26.[2] They have five children and live in Manhattan and also have a house in Quogue, New York on Long Island.[2] His eldest child, Matt Moinian, is a senior vice president at his father's firm.[10][11]
References
- ^ a b c The New York Observer: "Kind of Blue: Joe Moinian Lives the 3 Columbus Circle Dream" by Matt Chaban September 20, 2011
- ^ a b c d e f The Real Deal: "Joe Moinian" By Candace Taylor retrieved October 28, 2013
- ^ The Real Deal: "Morris Moinian to break ground on $60M Soho hotel" By Katherine Clarke December 05, 2011
- ^ Moinian Group Website: Overview retrieved October 28, 2013
- ^ a b New York Times: "An Owner of Towers Walks a Tightrope" By TERRY PRISTIN January 13, 2009
- ^ New York Observer: "Joseph Chetrit, the Most Mysterious Big Shot in New York Real Estate" by Tom Acitelli July 5, 2011
- ^ Real Estate Weekly: "Joe Moinian: How I survived the slump" By Al Barbarino March 14, 2012
- ^ Commercial Observer: "Joseph Moinian, The Moinian Group" October 18, 2013
- ^ Bloomberg: "Moinian Seeking Above-Market Rents for Hudson Yards Tower" By David M. Levitt June 11, 2013
- ^ Real Estate Weekly: "The son rising with first hotel venture" By Holly Dutton January 16, 2014
- ^ New York Magazine: "Matt Moinian in 30 Seconds or Less" by Jessica Pressler September 17, 2008