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
Coinbase CEO Brian Armstrong and 55 Hudson Yards (Getty, Godsfriendchuck/Wikimedia)
Coinbase opening first NYC office at 55 Hudson Yards
Coinbase opening first NYC office at 55 Hudson Yards
The Vessel at Hudson Yards (Getty)
Vessel will reopen at Hudson Yards — with $10 fee, new security
Vessel will reopen at Hudson Yards — with $10 fee, new security
Deutsche Bank CEO Christian Sewing (Getty Images)
Time Warner Center is now the Deutsche Bank Center
Time Warner Center is now the Deutsche Bank Center
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
Queens Borough President Donovan Richards in front of Willets Point. (Office of Queens Borough President, WikiMedia / Jim.henderson)
Willets Point redevelopment finally moves ahead
Willets Point redevelopment finally moves ahead
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
arrow_forward_ios

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

Loading...