CRENews reports (sorry no link) that Moinian is trying to restructure the terms on this $84mm loan. This was reported initially back in August, but there must be some increased velocity around the negotiations - any big NYC loan mod is going to be watched carefully for indications how others may be handled.
This is not a pure rent-control flip story, although they do receive the j21 tax abatement according to the servicer's notes. Average rents have gone from $2,645 per unit at issuance to ~$2,507 (I'm estimating), although occupancy has increased from 97% to 100%. Also, there is both a condominium and office component (the building was 100% office pre-1999) to the property on the first 13 floors. The property is located in the Financial District
The loan has a debt service reserve that has to be rebalanced on a yearly basis for a forward looking 1.10x DSCR. It also is currently secured by a hard-upfront lockbox. It was appraised on 5/13/2010 at $61.6mm (27% loss to senior, 47% decline from origination appraisal).