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Judge Orders Forfeiture of Iran-Owned Midtown Office Tower

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A Manhattan federal judge has, as expected, ruled that the Iranian government-owned office building at 650 Fifth Avenue must be forfeited by the front companies that control it, the Post reports. The forfeiture of the building was originally ordered last September in what was thought to be the largest terrorism-related seizure in United States history. The front companies, the Alavi Foundation and Assa Corp., appealed the decision, unsuccessfully, as Judge Katherine Forrest ruled on Friday that 650 Fifth Avenue should be forfeited along with properties in Queens, Texas, California, Virginia, and Maryland.

What will happen to the building next is somewhat up in the air. Brokers that the Times talked to in September speculated that the building could fetch at least $800 million, and Forrest proposed that the proceeds from a potential sale should go to victims and survivors of terror attacks. The most likely scenario seems to be that the Department of Justice takes control of the assets, sells them off, and figures out how to distribute the money.
· Midtown skyscraper must be forfeited over Iran ties [NYP]
· 650 Fifth Avenue coverage [Curbed]