Barry Gross and a map of the area his company helped sell

Barry Gross, the project director for Hudson Waterfront Associates, has paid $130,000 in penalties, according to the New York Post, in connection with an improper $1 million bonus he received for his role in the sale of a 77-acre parcel of land to Extell and the Carlyle Group. Gross, who at one point faced upwards of 20 years in prison for his role in the sale of the $1.76 billion property, which included a stretch of land from 58th to 72nd streets along Riverside Boulevard, has apparently “resolved… the case,” according to his lawyer Benjamin Brafman, “with just this payment.” The sale, which closed in 2005, was the biggest real estate deal recorded in history at that time. [more]

Barry Gross, who earlier this year was arrested on charges of grand larceny, falsifying business records, and filing a false personal tax return in connection with the 2005 sale of Riverside South Properties, has pleaded guilty to a tax evasion charge and is not expected to face prison time. Riverside South Properties was, at the time, the largest undeveloped parcel of land in Manhattan, extending from 58th to 72nd streets on the Hudson River. Gross, a project director for Hudson Waterfront Associates, helped broker the group’s $1.76 billion sale, with Donald Trump, to Extell Development and private equity firm Carlyle Group. Gross, who had faced up to seven years’ imprisonment, was alleged to have disguised his $1 million bonus for the transaction as a fee paid to a shell corporation in order to evade taxes. He will be sentenced Feb. 16 to a conditional discharge if he pays $119,000 to $135,000 in state and city taxes plus interest and penalties on the bonus. [Reuters]

Barry Gross, project director for Hudson Waterfront Associates, has been indicted and arrested on charges of grand larceny, falsifying business records, offering a false instrument for filing, filing a false personal tax return and failure to file unincorporated business taxes, according to a press release from Manhattan District Attorney Robert Morgenthau’s office. If convicted, Gross faces upward of 20 years in prison. The case centers around the 2005 $1.76 billion sale of Riverside South Properties, a stretch of land extending from West 58th to West 72nd Street on Riverside Boulevard, once owned by Donald Trump. Hudson Waterfont Associates was a group of Hong Kong investors, according to the San Francisco Business Times. The DA office’s charges include Gross receiving a $1 million bonus to a shell corporation from Hudson Waterfront Associates, in order to evade paying taxes. TRD