Developer Joseph Moinian has signed the framework for an agreement with SL Green Realty Trust that will save his newly re-skinned, 25-story 3 Columbus Circle building from demolition and the hands of rival Related Cos.
Under the agreement, first reported by The Post last month, Moinian will manage the building, which also has the address of 1775 Broadway, while SL Green will handle the leasing. A more formal pact will be signed by year end.
“If they cannot work something out with the current lender, SL Green will provide the financing,” a source said.
Related Cos., which developed the nearby Time Warner Center, had hoped to demolish the older structure at 58th Street and create a modern tower.
Nordstrom had agreed to go into the base of the building, which would have been topped by luxury residential condominiums overlooking the shorter American Museum of Folk Art and Central Park.
Moinian was delinquent on his Wachovia Bank mortgage. Related swooped in and bought the $274.7 million mortgage and hoped to foreclose, paving the way for its new development.
