Billionaires Row has become a popular destination for foreign investment.As Russian forces lay siege to Ukraine, President Joe Biden warned oligarchs and enablers of the Putin regime this week that the U.S. will “find and seize your yachts, your luxury apartments, your private jets.”
“It's understood by the IRS and Justice Department that there’s billions of hot dollars, including from Russian oligarchs, in New York City,” said John Kaehny, the executive director of the watchdog group Reinvent Albany. “The LLCs are the key to keeping that money secret.” In New York, property owners have had wide latitude to shield their identities behind LLCs. So the hunt for Russian oligarch’s assets – known as Operation KleptoCapture – will likely bring federal attention to Manhattan’s real estate market, where luxury towers havefor foreign wealth.
Should’ve happened long ago.
How about doing some forensic accounting on firms like RyanSerhant and DouglasElliman?
Chase out foreigners looking to buy property with their own money, but hide all the ones who are rapists, muggers, pedophiles, shooters etc from ICE so the local pols can pay them with our taxes to stay here. Got it.
this is gonna let a lotttttt of tenants learn who actually owns their building
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