US, plaintiffs reach settlement on Iran-linked NY skyscraper

By REUTERS
April 18, 2014 03:31

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The US government has agreed to distribute proceeds from the sale of a Manhattan skyscraper linked to Iran to families who were affected by attacks aided by the Islamic republic, according to a court document filed Thursday.

The settlement between the Department of Justice and the families marks the latest step in a long-running case over ties between the Manhattan building at 650 Fifth Avenue and Iran.



The skyscraper was majority owned by the Alavi Foundation, a non-profit organization that promotes Islamic culture and the Persian language. The 36-story, 382,500 square-foot building stands at the corner of Fifth Avenue and West 52nd Street, near Rockefeller Center and St. Patrick's Cathedral.



In a 2009 lawsuit, the Manhattan US Attorney's office claimed the Alavi Foundation was controlled by Iran. It also said two minority owners, Assa Corp and Assa Co Ltd, were shell companies backed by Iran's Bank Melli.

Related Content

Breaking news
August 19, 2018
Incendiary balloon causes fire in Be'eri Forest

By JERUSALEM POST STAFF