Seizing Iran's Slice of Fifth Avenue

(The New York Times) For years, tenants have worked uneasily inside the Manhattan skyscraper formerly known as the Piaget Building, as federal prosecutors tried to wrest the prime real estate from Iranian-related partners.

The office tower at 650 Fifth Avenue, built in the late 1970s by the Shah of Iran, has been the subject of seizure proceedings by federal prosecutors who contended that the ownership groups engaged in money laundering for their government and also violated economic sanctions imposed against Iran.

The owners of 650 Fifth Avenue were found to have broken sanctions imposed against Iran. Justin Lane/European Pressphoto Agency