| 650 Fifth Avenue | |
|---|---|
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 Interactive map of 650 Fifth Avenue | |
| General information | |
| Status | Completed |
| Location | 650 Fifth Avenue |
| Height | 490 feet (150 m) |
| Technical details | |
| Floor count | 36 |
650 Fifth Avenue (formerly known as thePiaget Building and the Pahlavi Foundation Building) is a 36-story 150 m (490 ft) building atFifth Avenue and52nd Street inMidtown Manhattan,New York City.
The building was designed byJohn Carl Warnecke & Associates[1] for the Pahlavi Foundation, an organization run by the then-Shah of Iran,Mohammad Reza Pahlavi, "to pursue Iran's charitable interests in the U.S.". After theIranian revolution in 1979, the Islamic Republic of Iran sought to take control of the Shah's property, including the assets of the Pahlavi Foundation, which was renamed theAlavi Foundation.
Tenants who leased space at 650 Fifth Avenue includedIvan F. Boesky, the infamous "greed-is-good" Wall Street speculator who was convicted of insider trading in 1987, andMarc Rich, a billionaire oil trader whose invention of thespot oil market made his fortune and changed the world economy.[citation needed]
The Alavi Foundation itself has its headquarters in Suite 2406.[2]
In December 2008, the Asset Forfeiture Unit and Terrorism and National Security Unit of theUnited States Attorney's Office for the Southern District of New York sought to seize 40 percent ownership in the building after it charged thatBank Melli ofIran owns that percentage of the building in violation of thesanctions against Iran.[3] The other 60 percent of the building is owned by the Alavi Foundation—theBonyad that is successor to the Pahlavi Foundation.
Bank Melli had originally financed it with a $42 million loan in 1978.
According to the U.S. government, the Alavi Foundation transferred 35 percent interest in the building to ashell company Assa Company Limited, which had just one employee, in exchange for Bank Melli officially cancelling the loan. However, the shell company officially registered inJersey, was reported to be owned by Bank Melli.[4]
In 2012, the owners hiredCBRE Group to overhaul the building and lease space and give the appearance that Iran no longer had ties to the building. The new group spent $11 million renovating the building lobby and elevators.[5]
In September 2013,United States District Court for the Southern District of New York JudgeKatherine B. Forrest ruled "based on the uncontroverted record evidence, Assa was (and is) a front for [Iran's first national bank] Bank Melli, and thus a front for the government of Iran" and thus Alavi should forfeit for the property. Alavi indicated it would appeal the decision.[6][7]SL Green bought the retail space that year.[8][9] In June 2017, acting U.S. AttorneyJoon H. Kim said the United States was prepared to seize the skyscraper—worth between $500 million to $1 billion—after a jury found that the Iranian sanctions had indeed been breached.[10][11] In 2019, the jury verdict to seize the property was overturned by a federal appeals court.[12]
Media related to650 Fifth Avenue at Wikimedia Commons40°45′36″N73°58′37″W / 40.759942°N 73.976929°W /40.759942; -73.976929
