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Government Seizes 650 Park Avenue

By Doug Cornelius

According to the Wall Street Journal, the United States Attorney for the Southern District of New York has filed a forfeiture proceeding against 650 Fifth Avenue in New York. In its press release: United States files civil forfeiture action against ASSA corporation's interest in Manhattan office tower (.pdf), the DOJ claims that a 40% interest in the building is held by the ASSA Corporation which is acting as a front for Bank Melli. The Government of Iran controls Bank Melli and ownership is considered an export under the Iraninan Transaction Regulations (Title 31 CFR, part 560) Disclaimers

Full post as published by Real Estate Space on December 18, 2008 (boomark / email).