Economics
U.S. Can Seize Iran-Owned NYC Tower After Jury Sanction Ruling
- Decision clears way to seize building at 650 Fifth Avenue
- Justice Department plans to give proceeds to terror victims
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Federal prosecutors won a major victory in their nine-year effort to seize a midtown Manhattan office tower owned by an Iranian charity.
A Manhattan jury on Thursday found that the charity, the Alavi Foundation, was controlled by the Iranian government. It also agreed with prosecutors that the charity’s management of the Fifth Avenue office building, which has generated millions of dollars in rental income annually, constituted a violation of U.S. sanctions against Iran.