Claimants to an interest in a forfeited Fifth Avenue office building whose partial owners are accused of violating the Iranian trade embargo are now waiting to see how more than $500 million will be distributed, following a judge’s ruling Friday.
Judge Katherine Forrest (See Profile) had ruled in September that the majority interest held by Assa Corp and its partner, the Alavi Foundation, under the name 650 Fifth Ave. Co. was a front for Iran’s Bank Melli and thus a front for the Iranian government—and their interest could be forfeited to the U.S. government (NYLJ, Sept. 17, 2013). That order is being appealed.
