The Observer has a new profile of Matthew Moinian, a 23-year-old "real estate magnate" whose family's real estate business is one of the biggest property owners in downtown New York. He has a full-floor bachelor pad in a brand new W hotel—a construction project he's in charge of. Nice for him! It's a typical Observer profile that is simultaneously fascinated by a rich kid and mocking of him. But they did miss one thing: the lawsuit just filed against Moinian's dad, the real real estate magnate in the family:

Clever little diversion, Joe Moinian! The same day the real estate mogul's son and heir apparent was treated to a splashy story in the Observer, his real estate company was hit with a lawsuit over its latest development, 95 Wall Street. It seems the name that Moinian picked for the glitzy financial district building, Dwell95, isn't sitting well with the home design magazine that goes by the same name. Yesterday afternoon California-based Dwell filed suit against Moinian in US District Court, alleging that Moinian's development—which was designed by Philippe Starck and officially launched on Monday—violates a trademark held by the magazine since 1999. The mag argues that not only did Moinian rip off the name, his company also "depicted this trademark using a font and style that are nearly indistinguishable from the font and style used by Dwell." Today's suit wasn't a surprise for the Iranian-born tycoon. According to the legal papers, Dwell contacted Moinian to try and settle the matter back in March, and later engaged in "face-to-face" settlement talks with Moinian's company but never reached an agreement. And while the suit doesn't specify a dollar amount that Dwell is seeking, it's worth noting that they're asking for "three times Defendants' profits from its use of the Dwell trademark," which could add up in a hurry when you're marketing $2,700-a-month studios! The full lawsuit below.

Meet Matthew Moinian, the son of real estate mogul Joe Moinian. He's 23, obscenely rich, and clearly not afraid to admit it: "On Sept. 11, Matthew Moinian pulled up outside his sales office on West Street, hopped out of his chauffered Mercedes and was promptly accosted by police. The sidewalk was off-limits, he was blunty informed, to keep the path clear for presidential candidates John McCain and Barack Obama, who were in town to mark the seventh anniversary of the 2001 terrorist attacks on the nearby World Trade Center. Little did the cops realize, however, they had another powerful VIP on their hands. 'Hey,' said the fresh-faced, dapper-dressed Mr. Moinian, pointing to his family firm's new hotel nearby, "I own that building." Say hello to the competition, Donald Trump Jr. [NYO]