Midtown tower tied to Iran shifts to new control in $318M settlement
After nearly two decades of litigation, a Midtown office tower illegally owned by the Iranian government is under new control. The nonprofit Amir Kabir Foundation took over the 36-story building at 650 Fifth Avenue as part of a settlement between the U.S. and a partnership of Iran-backed companies reached last month. Under the agreement, the new foundation — which agreed to be monitored by the U.S. government — will distribute $318 million to victims of terrorist attacks linked to Iran. Details of the settlement were announced by the Southern District of New York in late March, though records of the […]
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