Nonprofit Takes Control of Iran-Linked Fifth Avenue Tower

The Amir Kabir Foundation now owns 650 Fifth Avenue after a $318 million settlement with the U.S. government.

Apr. 7, 2026 at 8:03pm

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A highly detailed, photorealistic studio still-life image of a sleek, modern architectural model of a tall skyscraper made of polished metal and glass, floating on a clean, monochromatic background and dramatically lit to create sharp shadows, conceptually representing the abstract corporate strategy and legal battles behind the transfer of ownership of this iconic New York City property.A symbolic architectural model represents the complex legal and financial maneuverings behind the transfer of control of a prominent Manhattan skyscraper with ties to Iran.NYC Today

A newly established nonprofit, the Amir Kabir Foundation, has taken control of the 36-story office tower at 650 Fifth Avenue in New York City from its former Iran-linked owners. This concludes nearly two decades of legal battles between the previous owners and the U.S. government, with the building now serving as collateral in a $318 million settlement to compensate victims of terrorism linked to Iran.

Why it matters

The high-profile acquisition of this prominent Manhattan skyscraper is a significant development in the U.S. government's efforts to seize assets tied to Iran and use them to compensate victims of terrorism. The case has raised complex legal questions around sanctions and the ownership structure of the building.

The details

The transfer of ownership involved a multistage process. An initial $174 million transaction took place on Monday afternoon between the previous ownership entity, 650 Fifth Avenue Company, and the Amir Kabir Foundation. This was immediately followed by a $435 million transfer between the nonprofit and a new entity, 650 Fifth Avenue Real Estate Holdings. The U.S. government had alleged that the building's former owners, Alavi Foundation and Assa Corporation, were secretly backed by Iranian government interests in violation of U.S. sanctions.

  • The U.S. first commenced forfeiture action against the building in 2008.
  • A $318 million settlement was reached with the building's former ownership in late March 2026.
  • An initial $129 million payment was disbursed to victims groups last month.
  • The remaining $189 million will be paid over the next three years.

The players

Amir Kabir Foundation

A newly established nonprofit that has taken control of the 650 Fifth Avenue property.

Alavi Foundation

The former owner of the 650 Fifth Avenue property, which was allegedly controlled by the Iranian government.

Assa Corporation

The former co-owner of the 650 Fifth Avenue property, which was allegedly backed by Iranian government interests.

Jay Clayton

The U.S. attorney for the Southern District of New York who announced the $318 million settlement.

650 Fifth Avenue Real Estate Holdings

The new entity that now owns the 650 Fifth Avenue property through the Amir Kabir Foundation.

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What they’re saying

“For nearly two decades, we pursued hidden Iranian government assets tied to a Manhattan skyscraper to ensure those funds would ultimately compensate victims of Iran-sponsored terrorism rather than terrorists and their enablers.”

— Jay Clayton, U.S. attorney for the Southern District of New York

What’s next

The complex financial arrangement will allow the building's commercial operations to continue as the creditors are paid out over the next three years.

The takeaway

This case highlights the U.S. government's ongoing efforts to seize assets linked to Iran and use them to compensate victims of terrorism. The transfer of ownership of this prominent Manhattan skyscraper is a significant development in these efforts, though the legal battles have been complex and long-running.