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

Investigation finds several multimillionaire foreigners operating through LLCs

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
Related is the latest developer to target the Rockaways
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
Related's Stephen Ross, the Gregory Hotel at 42 West 35th Street and Meadow Partners’ Jeffrey Kaplan (Getty, Google Maps, Meadow Partners)
Related sues Meadow after foreclosure on Garment District hotel
Related sues Meadow after foreclosure on Garment District hotel
Time Warner Center at 25 Columbus Circle (iStock, Tdorante10, CC BY-SA 4.0, via Wikimedia Commons)
Psychic salesman sees $40M in Time Warner Center pad’s future
Psychic salesman sees $40M in Time Warner Center pad’s future
Jeff Blau, CEO, Related Companies, in front of The Lyric at 255 West 94th Street (Getty Images, Google Maps, iStock)
Korean firm makes US debut with $266M acquisition from Related
Korean firm makes US debut with $266M acquisition from Related
Related's Stephen Ross
Quintessential Stephen Ross moments from “The New Kings of New York”
Quintessential Stephen Ross moments from “The New Kings of New York”
Kara Ross and 870 Fifth Avenue in Manhattan NYC (Getty, Google Maps)
Steve Ross’ ex-wife lands on her feet — in a $5.6M Fifth Avenue pad
Steve Ross’ ex-wife lands on her feet — in a $5.6M Fifth Avenue pad
Konrad Bicher and the MiMa at 450 West 42nd Street (Google Maps)
“Wolf of Airbnb” set up in luxury tower, Related claims
“Wolf of Airbnb” set up in luxury tower, Related claims
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...