Revealed: Top-secret buyers at Related’s Time Warner Center

Investigation finds several multimillionaire foreigners operating through LLCs

TRD New York /
Feb.February 09, 2015 11:10 AM

The proportion of New York City residences over $5 million whose buyers were shielded by shell corporations climbed to a whopping 54 percent in 2014. The trend has allowed vast sums of foreign money to flow in unchecked, including money suspected to belong to corrupt foreign officials who could be hiding assets for tax or other purposes.

The New York Times spent a year tracing the hidden identities of LLC buyers in Related Companies’ and AREA Property Partners’ Time Warner Center, and found a growing number of wealthy foreigners are buying the condos, at least 16 of whom have been the subject of governmental inquiries for reasons ranging from environmental crimes to financial fraud.

Buyers include Vitaly Malkin, a former Russian senator and banker who has been barred from entering Canada because of suspected connections to organized crime, Dimitrios Contominas, a Greek businessman who was arrested in Greece last year as part of a corruption sweep, and Indian mining magnate Anil Agarwal, whose company was fined for polluting a river in Zambia that sickened area residents.

“The building doesn’t know where the money is coming from. We’re not interested,”’ said Rudy Tauscher, a former manager of the condos at Time Warner.

Famous residents of the Time Warner Center have included Tom Brady, Kelly Ripa, Jimmy Buffet and Ricky Martin. [NYT] — Tess Hofmann


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Related Chairman Steve Ross and Time Warner Center at 25 Columbus Circle (Credit: Getty Images and iStock)

A free penthouse for Steve Ross, now on the market for $75M

Jho Low and the Mandarin Oriental penthouse at 80 Columbus Circle (Credit: Getty Images and StreatEasy)

Jho Low’s old pad at the Time Warner Center is officially up for sale at $30M

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Vito Errico's home at 21 Sterling Road in Armonk

Gym chain creator looks to part ways with Westchester County compound

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

arrow_forward_ios