US to seize 'Iran-owned' New York skyscraper

Justice Department to confiscate 36 storey building considered a front for Iranian government

A 36-storey skyscraper in the heart of Manhattan is being seized by the US government in what the the Justice Department is calling “the largest ever terrorism-related forfeiture”.

Prosecutors say the Alavi Foundation and Assa Corporation, the joint owners of the Piaget Building on Fifth Avenue, are guilty of money-laundering and breaking Iran sanctions.

Manhattan Federal prosecutor Preet Bhasara claims the building’s owners have been diverting rental income and other funds from the building to Bank Melli, Iran’s biggest state-owned bank.

Bhasara says the funds gained from selling the building would be used as “a means of compensating victims of Iranian-sponsored terrorism“.

According to the New York Daily News, the building is worth between $500m (£313m) to $700m.

The Alavi Foundation maintains it runs a private non-profit promoting Islamic culture and Persian language, literature and civilization. In a website statement Alavi said it planned to appeal the court’s decision once the final judgement has been announced.

The US Treasury Department has blacklisted several Iranian companies and organisation as part of a tight sanctioning programme meant to stop funds reaching Iran.

The US says sanctions have been imposed in order to keep pressure on Tehran to give up its nuclear weapons programme.

Start your day with The Independent, sign up for daily news emails
News
peopleHere's what Stephen Fry would say
Sport
Serena Williams holds the Australian Open title
sportAustralia Open 2015 final report
Sport
footballLive: All the latest from today's Premier League matches
News
Nick Clegg playing 'Palin or prom queen'
newsNick Clegg on TV's The Last Leg
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Transport Administrator / Planner

£20000 - £35000 per annum: Recruitment Genius: This fast growing reinforcing s...

Austen Lloyd: Corporate Tax Associate - London

Excellent Package: Austen Lloyd: CITY - HIGHEST QUALITY INTERNATIONAL FIRM - A...

Austen Lloyd: Senior Law Costs - London City

Excellent Package: Austen Lloyd: CITY - EXCELLENT FIRM - We have an outstandin...

Austen Lloyd: In-House Solicitor / Company Secretary - London

Excellent Package: Austen Lloyd: IN-HOUSE - NATIONAL CHARITY - An exciting and...

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee