In audacious move, US to sell Iran-owned skyscraper in New York
The US government says it is going to sell an Iranian skyscraper in New York City in favor of anti-Tehran plaintiffs.
According to a court document filed on Thursday, the US government agreed to distribute the proceeds from the sale of the Iranian-owned skyscraper to the plaintiffs.
This is the latest step in a long-running case that alleges the building, owned by Iran's Alavi Foundation, has been used for activities that violate the US law.
The Alavi Foundation is an Iranian non-profit organization that promotes Islamic culture and Persian language.
In March last year, a court ruled that the skyscraper is subject to the US government forfeiture, but it did not specify whether the government or the private plaintiffs had priority over the properties.
The 36-story, 382,500 square-foot (35,535 square-meter) building is located on the Fifth Avenue in New York.
- The reality of realty: inbound property investments in GCC 'far less' than outbound
- Dubai's hospitality sector is a sound investment
- Quiet and wise: How Oman is transforming itself into a major logistics hub
- Revealed: the top real estate tycoons in the ME
- Why did no one invest in the Suez Canal during the Economic Summit?