After many years Kriss, Bayrock agree to settle racketeering lawsuit

Jody Kriss Consented to Repay His Own racketeering lawsuit against Trump Soho programmer Bayrock Group, finishing a nasty legal battle that extended almost a decade.

Kriss filed the suit against his former employer at 2010, alleging This Felix Sater and Tevfik Arif‘s property company laundered cash, evaded taxation and bilked him out of millions. The lawsuit resulted in years of proxy war between Kriss and Sater, who denied the accusations and also branded the prior Bayrock fund manager as a thwarted ex-employee.

Both sides hammered the settlement out over a few months, Bloomberg said.

Bayrock developed the condominium and resort tower in 246 Spring Street, That got the title Trump Soho via a licensing agreement with the Trump Organization. In his suit, Kriss additionally alleged that Arif and Sater Additionally tricked the Trump Organization rather than revealing Sater’s 1998 racketeering conviction. Back in 2010 Trump, Bayrock along with also the Sapir Organization were sued for lying to potential buyers regarding their earnings Success. The Manhattan District Attorney’s Office subsequently fell the criminal investigation to the Trump scions.

Manhattan Court dismissed a 250 million dollar tax credit fraud claim case filed against Bayrock

The bottom line is that a Manhattan Court dismissed a 250 million dollar tax credit fraud claim case filed against Felix Sater, so things are looking good for him on that front. However the ups, downs, twists and turns which precede this very event are quite entertaining if not somewhat educational in their legality, to say the least. The event and circumstances of some of the evidence presented before the Manhattan court plays out something like soap opera in real time.

The cast involves characters that range from innocent by standing business partners, nonchalant lawyers and even a future president and financial gurus. It all ends in the fall of 2017, but there just might be another chapter to come although a look back on the how and why it all came together is worth the time. The chance that things could have gone bad for the Russian American businessman Sater are gone now as with the case dismissed. Meanwhile, the Attorney General’s office declines not to intervene.

The lawyers who brought the case before the court is named Fred Oberlander who used evidence from an earlier case involving a former business partner of Sater’s named Jody Kriss. This practice is all fine and well by itself, however the evidence from the earlier case had already been stricken by another judge. This may or may not have been uphill battle from the time it started, some people are inclined to believe. Sater and his representative Ralph wolf had very little to say about the case other than that it had been dismissed. The Attorney General Eric Schneiderman really had even less to say about the case other than that his office expressly did not stand behind it. Although the office did say that they would continue to monitor the case to protect the state’s interest, which works well enough for most people.

On the subject of the lawyers bringing the case before the Manhattan Court, Wolf says that the court just didn’t like the fundamentals of the preceding and that Oberlander and his co-counsel in the case Richard Lerner have been refer to the Department of Justice for some of their practices toward his client. Lerner has plans to appeal the decision himself, so there still maybe more to come on that front.

The original evidence that was dismissed in the first case is centers around not just Slater but his business Bayrock and his co-founder Tevfik Arif by Overlander and his once finance director Jody Kriss. In that case, the allegations made against Bayrock is that it is basically a front for organized crime, which involves racketeering embezzlement and other questionably legal business practices. Now, that case is moving forward as a charge of racketeering against Sater and Bayrock, owned by Tevfik Arif Bayrock.

The problems and worries for one of that organization’s founders are really twofold, or at least he can look forward to a little bit of pad bad press for just a minute. It would appear that Sater conducted business with Donald Trump on a transaction but did not fully disclose about his past. And in an affidavit, the former businessman turned president, Donald Trump, states that he would have never worked with Sater had he known about his past.

The question as to how many or the nature of their business meetings is in debate. But it is clear that Sater at one time held a office two floors below Donald Trump the businessman. As for the question of whether Trump did have business meetings with Sater due to his Russian connection his answer is simple. President Trump says he would be crazy not to be interested in a market as hot as Russia right now.

A Peep into New York City’s Real Estate Business

The New York City (NYC) real estate business is one of the most stable in the world based on the fact that it is lowly leveraged and highly transparent. This is especially for those looking to own a business without residing there which is necessitated by all brokers having access to the same inventory. The real estate business in NYC is expensive but has a lot of opportunities. It takes financial responsibility and not just wealth to win a property in NYC.


The main issue that divides real estate enthusiasts is whether to go for condominiums or cooperative properties. Cooperative properties are cheap by 30-40 percent compared to condos, and are the majority of the properties and hence less expensive. They have a disadvantage in that, their approval process and rules are more strict than the condos, as it involves proof of liquid assets, tax returns, net worth, brokerage statements and a 20% down payment of the asking price. As for the condos, there is a flexible low entry barrier in that one can sell without issue and rent to anyone they wish. Cooperative properties are hard to rent compared to condos which are easy though expensive and do not require board approval.


For anybody seeking to invest in NYC, location is essential with the exemption of Manhattan that has many prestigious zip codes. Most buyers, especially foreigners, have few places limiting their options. Just because a property is on Wall Street or Times Square does not give it guaranteed preference from customers. Auxiliary services such proximity to the subway, grocery store, dry cleaners, and salons are of importance since the transportation, and retail landscape is what determines the suitability of a property in a given location.


It is essential to also look at the property developer track record to see if they have properties that are of quality and perform well. Knowing the best price for property goes beyond best deals since low prices attract cheap rents. Bayrock


For the last year, NYC real estate was valued at $1.26 trillion reflecting a 9.4% increase from the previous year. In Brooklyn, both residential and commercial values rose by 12% standing at $335.5 billion which was highest of the five boroughs, while Manhattan properties were up to $ 483.6 billion which is a 7.3% increase. This increase was due to additional constructions and increases in real estate. The real estate industry in NYC contributes to the most significant percentage of the city’s revenue. Construction of rental occurs mostly in Manhattan. The most valuable properties are the General Motors building and the Bank of America’s tower both valued at $1.94 billion. Tevfik Arif Doyen


Despite being one of the most expensive residential real estate markets and in renting, NYC turnkey properties provide one of the best investment opportunities. One can also try investing in a real estate investment trust (REIT), that allows local and foreigners to invest in NYC real estate, commercial, mortgage loans and residential property. There are numerous REITs with a strong focus on prestigious properties such as Union Square or Central terminal. They allow investors grouping of properties in the form of a stock providing dividend income that is 90% of their taxable income.


Total sales in the volume fell by 12% compared to last year, which also represents the lowest mark in the past six years. On the same note, average sales for the Manhattan borough fell below, $2 million for the last two years. This decline has been caused by the new tax law as buyers withheld until more light is sent on the new law. Despite this, Manhattan’s luxury market is on the rise with numerous highly priced and high-end properties coming up. More developments are expected in coming years, even as sales of low-end properties ($1-2 million) being high and those of $5 million being low.

Starting a Restaurant In New York City

New York City is home to some of the best restaurants in the entire world. People come here to enjoy all kinds of dining options. They come here to eat everything from really great pizza to four star, formal dining. Opening up a restaurant here is a dream come true for many business people and all those who really love food. Here, they’ll find informed foodies happy to embrace any kind of food as long as it’s really good food. Those who want to start a restaurant in the nation’s culinary capital can find it easy if they stick to a few ideas. It helps to understand the local food markets. Just bringing in fresh food can be a huge undertaking. Even a small space may see hundreds of customers each day. This is why it is crucial to stick to all necessary health regulations and any other rules that govern local area food serving spaces.


A Vision


A restaurateur should have a guiding vision in place before they begin. What kind of food they plan to serve is crucial. Is it authentic Northern Italian? Will they serve upscale Japanese? Old fashioned deli sandwiches? Each company owner needs to think before they start. Details like a menu should also be well in place even before opening. A chef needs to know what they are going to serve months before they open. It helps to get a feel for the markets in the area. Some areas are devoted to certain types of cuisine. For example, Chinatown is home to some of the best Chinese food outside of China. A part of midtown is home to many Indian restaurants while a few blocks down there’s many Korean restaurant. Opening up a restaurant of that type in that area can meal stiff competition. It can also mean more customers as people come to that area to sample that type of food.


The Size of the Space


Another consideration is the size of the intended space. Any chef should think about how they plan to serve food. Someone might want to only serve take out and perhaps have just a few spaces indoors for customers. Another person may wish to start a restaurant that is all about full service for clients including waiters. Keep in mind all kinds of costs. A large space in Manhattan can be very expensive. The person may want to start small instead. Starting small allows the person to test the market. As word of mouth starts to spread, this can help draw in a larger customer base. A small space with several menu choices can be an effective way to test out a new concept directly to customers.


The Big Opening


Any person who wants to open up restaurant here should have an idea when they plan to open. Varied spaces here may require work. Some storefronts are designed for restaurants. They tend to have specific areas dedicated for the needs of the chef such as existing kitchens and a full basement for storage space. Other areas may require a lot more work. Anyone should know exactly what they’re going to do to the space to prepare for an opening before they begin. An overall plan helps anyone get the working space they need to serve customers. Before opening, any chef needs to make sure that all is working order. They should make sure they understand all local health codes governing food storage as well as how to collect necessary state and local taxes. A great opening is one of the keys to running a successful New York restaurant.

The Second Comfort Women Statue Is Reigniting Conflict

Right across the way from The Japanese Embassy of Seoul is the statue of the comfort women. She’s seated, her hands are in her lap, and she’s currently staring straight ahead. This is reminder and an embarrassment of Korean women’s rape until 1945 after World War II from 1910. A group known as the Council erected the sculpture, and the statue is currently touching.

Two weeks ago Statue was set up in Busan, South Korea. The statue positioned by the Committee of Youth, and is outside the consulate. This has caused problems with Japan, and even though the statue of the Korean comfort women was eliminated, it’s since been reinstalled because of Tomomi Inada, the Defense Minister of Japan.

This triggered outrage in The diplomats in Busan and Seoul, along with Japan were ordered by Prime Minister Shinzo Abe. There’s also talk of scrapping talks concerning an agreement in Tokyo.

The Japanese are mad at The escalation of the past issue, and considered the comfort women stories and their activities were buried. A irrevocable and final settlement was agreed on a year. Japan paid a indemnity to the victims, and apologized. Victims that are less than fifty stay.

South Korea was never Pleased With the cash, and the bargain was diminished by many of the women. The opinion was obvious because two weeks following the deal, a film about the comfort women, their testimonies, as well as their distress became a hit in the box-office. Throughout the first week, 1.7 million people watched the film. The movie relied from 75,000 people took to create, and was created by Cho Jung Rae.

The statue has been erected on The settlements December 28th, anniversary. Volunteers are keeping watch on the statue, cash and meal coupons have been donated, and the volunteers are being offered a place by the restaurants that are neighboring. This may indicate the settlement was set and the shift in government isn’t going to make a difference. The opposition parties aren’t going to oblige Japan.

There’s a lot of sympathy For Mr. Abe because of the enormity of the risk he took by apologizing. Among those problems when he took office was a landmark Japanese apology made in 1993 concerning the comfort women issue. Many believe the picture must be encompassed by his activities. The tough stance he’s maintaining is partially due to the criticism he’s received from the settlement with Ms. Park’s conservative fans.

With the new year Envoys in Seoul and Busan has to be permitted to return. The developments have become alarming, and Japan and South Korea are equally worried about problems with Donald Trump being the President of the USA. The priority has to be to cooperate regarding the sharing of field intelligence. It’s possible missile systems will have to be integrated.

As one of the key of Ms. Park The Acting President for South Korea, and backers is calling for restraint. If the statue in Busan were eliminated, the situation would be helped by it. South Korea refers to the statues as peace monuments, and They’re convinced They need to remain for some time. Regardless of the opinion of the public Is currently violating girls. This is Conflict, and considerably more painful. The solution would be to bury the Hatchet that is proverbial.

Six Things You Learn About Life In New York From Someone Who Survived It



New York is definitely a beast. “If you can make it in New York, you can make it anywhere”. New York and New York business life will present its challenges. You need to choose whether you are going to live or survive there. Living and surviving in New York are two different things. The longer you make New York your new home, the more like it home it will feel.


“Only the tough survive”


1) Every job in New York has its own dignity and is equally as important as the rest. You might be starting off as some errand boy, but your job does have value. You might not be putting your college degree to good use, but you will meet some pretty cool people. You might meet someone who ends up being your best friend for life. Not every person in New York is a snob or jerk. Many of them started out just like you.


2) Networking is the key, no matter what low-end job you get. You need to make friends and listen to what is going on around you. You might hear someone mention a job opening in your company. Some companies fill their job posts internally. You might say yes to a meeting that changes your life. Networking does not end there. Make it your life’s mission to network with others. Business life in New York will be less challenging when you have more contacts to talk to.


3) New York is a big city in such a small world. You should always be nice to your co-workers, even the ones who are not nice back. If they offer to take you out for a drink, then go. New York can be a cold place sometimes. You need to have people you can count on, co-workers too.


You should try to get to know your co-workers. You will find you have something in common with the least likely of people. Treat your boss with respect. You might not agree with everything they do, but you still show them respect. You need to work, so you can pay the rent. The rent is not cheap, and it will not take care of itself.


4) Trust your gut instincts, including people and places. You will meet people in New York who are not savory people. Loneliness is natural, but do not mistake loneliness for desperation. Listen to your body and mind when it tells you a person does not feel right.


New York has ways of testing you like that. The last thing you want to be is some small town person from Michigan saying “hi” and trusting everyone you meet. You will be very disappointed in the outcome.


5) You should not get wrapped up in your job 24/7. Business life is going to disappoint you and make you feel restless. You need to put that energy to good use. It does not matter whether you have made some new friends yet or not, you should go out and explore the city. Read some books. Listen to your music. You should not abandon your true self just because you are in New York.


6) You need to be okay on your own. Your friends are not going to bail you out. Your friends expect you to take care of yourself. New York is one place where you learn to be independent.


New York teaches you to grow up fast. If you can survive your first few years, then you will be okay with whatever life throws at you.

Factors Influencing the Current Trends in the New York Real Estate Market

The national real estate market has outdone itself in rising from the economic slump experienced a decade ago. However, the current market trends aren’t consistent across all the states with some like New York City reporting several disruptive trends that may soon spill over to other equally populated urban areas. Three main disruptive trends witnessed in the New York real estate market in the recent past include:

1. Higher than normal house prices

With the city’s enormous population exerting pressure on the market, a gradual price increase of the available real estate inventory would be understandable. However, the rate by which homes and apartments prices have shot within the past few years is nothing close to normal. The fact that the median price of townhouses and apartments has increased by over 58 and 28 percent respectively over the past decade makes homeownership in New York a nightmare for most residents.

2. Slow-paced development

The city developers have slowed down on the construction craze witnesses prior to the 2008 economic recession. The slowed construction comes at the backdrop of an ever-increasing city population and may, therefore, be partially attributed to the increased house prices.

3. Reduced rent prices

Interestingly, the high real estate prices aren’t directly proportional to rent price. The rent price in the city is declining by day, a fact that has seen more attractive lease perks available for renters, Bayrock‘s founder, Tevfik Arif Doyen.

Driving factors behind these disruptive industry trends

Researchers attribute the current real estate market trends in New York City to a variety of social and economic factors including:

Low rates contributing to fast consumption

With the interest rates at an all-time low, banks are more than willing to advance mortgage to anyone who can afford the payments. This has contributed to the land-grab mentality that sees new developments fly off the market as soon they are launched. The fact also explains the constant low real estate inventory available to the market and thus the skyrocketing house prices.

Shifting millennial mentality

Rent prices have for the longest time rode on the millennials historical preference of renting to homeownership. However, the availability of low-rate mortgages has caused a change in mentality as more millennials try home ownership thereby explaining the reduced number of renters and in effect low rent prices.

Hoarding among the aged

Traditionally, most of the aged populations would sell their homes off after their children moved out. However, the current baby boomer generation has expressed more reluctance to sell, fueling the low-inventory further and contributing to high home prices.

Increase demand for houses

New York is currently experiencing an economic boom that not only sees more talent and job seekers troop into the city, but this boom also feeds established adults with the need to stay. This group then openly expresses their will to pay higher prices to own homes and apartments further pushing up the already exorbitant home prices.

What to expect going into the future

Real estate experts believe that while the imbalance in apartment and home purchase prices may extend into the foreseeable future, it can’t last forever. The New York market is, therefore, more likely to experience a major shakedown in the next few years. Nonetheless, most seem to agree on the possibility of a decreasing property inventory within the city. Such a fact may, in turn, result in the gradual migration of current city dwellers into the New York suburbs.

Bottom line

While these disruptive trends may be taking root in more regions across the country, they are currently more pronounced in New York. The city, therefore, presents a solid forecast ground for the rest of the national real estate markets, even as it prepares for a possible future shakedown.






Investing in New York Real Estate

Investing in real estate is one of the soundest, and potentially lucrative practices that a business can make. However, to be successful, the investment must be in a market that is in demand, with values constantly on the rise. Breaking into such a market is not easy, and doing so requires more than just capital, but an intimate knowledge of the types of real estate investments that comprise that market and how they are maintained. No city in the world walks that balance between demand and difficulty more than New York, New York, and while investors from around the globe are constantly trying to get their foot in the door of the real estate market they are finding it more difficult than ever before. New York is home to many different types of real estate investment, so in order to make a successful business decision potential investors need to understand the difference, and choose the most suitable for what they are trying to accomplish.

One option in the New York real estate landscape is to purchase through a real estate investment trust. This too is an attractive option for investors from outside of the area, because they are buying in to a group of such properties. Profits and liabilities are shared among the pool of investors so there is less direct ownership, but also less additional cost and responsibility to each investor. There are several REITs currently operating in New York and purchasing into one may be a sound business decision if you have the initial capital on hand.

If individual ownership seems like a more attractive option, you can invest in a turnkey property. This is a property that can be purchased and immediately used as a rental property with little to no additional investment capital required in between. This is a particularly attractive opportunity for those who live outside of New York and are purchasing the property solely as a business decision, taking advantage of the lucrative market. The owner can then collect rent on the property as its value continues to rise with the market. However, one thing to be cautious about is the need to maintain said property in this type of an arrangement. The investor will have to come out of pocket to hire a qualified, trustworthy property manager to protect their investment.

Either way it is important to visit the city and see the properties you are considering for yourself. Being one of the biggest, and most populous cities in the world New York is home to different cultures and atmospheres around every corner. It is important to get a feel for what you are trying to invest in, understand the neighborhood and the property itself. From a business standpoint it is important to visit the building and make sure you are making a sound investment. While buying in to one of the hottest real estate markets in the world despite the risks may sound enticing, take the time to ensure that you are not purchasing an investment that will cost you more money down the road than it will make you.






The Growth Of New York’s Financial District


For years landlords, and politicians have transformed the Financial District. From an area filled with empty offices, it became the place for affluent, young families. With the help of tax incentives, the apartments in the area have been quadrupled by developers since 1990. According to the Alliance for Downtown New York, most of the building was after the 9/11 attacks occurred.

According to the Downtown Alliance, the population has grown from 13,675 in 1990, to a high in 2016 of 61,000. The amount of trash bags in the streets, and sidewalks has also increased, and there is concern regarding the congestion. As the Financial District Neighborhood Associations President, Patrick Kennell believes this is growing pains, but it must be dealt with or the residents may leave. The city is studying ways to prevent the trash from piling up.

Prior to September 11, 2001, the Downtown Alliance was working on the development of an attractive area for residents, and businesses. According to the Downtown Alliance’s President, Jessica Lappin, the area was rocked by the 1987 stock market crash. She realized the area must have individuals working, and living 24/7 in the community to make it sustainable for the future.

Although since expired, the 421-g tax benefit was required to convince the developers the unused office space should be converted into residences. In the 1990’s residents began moving in, and were aided by Chelsea, Tevfik Arif Bayrock, TriBeCa, and SoHo. According to the Miller Samuel appraisal firms co-founder Jonathan Miller, this started a competition with the neighborhoods in Manhattan that were more established, and development was pushed downtown.

The cleanup needed time, and there was a pall over the area from the attacks, but construction kept humming, and residents returned home due to government incentives. The sales of homes increased, especially in the high-end, and individuals now seek the Financial District due to the numerous subway lines, dining, shopping, and entertainment. The result is a younger community living in the area.

As Keller Williams in TriBeCa’s sales agent, Bayrock, Rachel Kelly feels five years ago these fashionable, young people would not have stepped into the area. The area is now on all their lists. The Downtown Alliance recently did an analysis showing approximately 41 percent of the people living in lower Manhattan are millennials. The definition is individuals 18 to 34, although roughly 19 percent are 25 to 44. The demographic equates to a little under $160,000.

The amount of single, young people residing east of Broadway, and south of the World Trade Center has been touted by the alliance, and real estate agents are impressed with the number of individuals in the area buying their first home, and starting a family. This has been noted by foreign investors, and individuals including Larry Silverstein have been drawn to the neighborhood. He has leasing rights, or owns a lot of the World Trade Center complex. He stated he wanted to reside where the young people were, triggering his move to his downtown project from 59th Street, and Park Avenue.

Catherine McVay Hughes welcomes these changes, and she currently lives by the World Trade Center. She believes the neighborhood has profited from amenities including gyms, movie theatres, and the support now received by the cultural institutions. She also feels all the construction work required for new developments has increased the traffic, trash, and created major competition for local school seats. After living downtown for almost thirty years, she sees the growing pains. The market is continuing to grow, and 3,400 units for housing have been identified by the Downtown Alliance. These buildings will be constructed, rather than created using old office spaces.

Real Estate News from the most expensive area to live in the USA

 Hawaii is one of the most expensive areas in the United States to live. The island of Oahu is a part of america of Hawaii nation and brings people for it to live in. The recession within the USA though has affected the housing market in Oahu it hasn’t diminished the sharpness of the prices where even the price tag is flying and attract buyers or investors. The state of Hawaii is one of the very one with full of beaches. Honolulu estates are being considered the possessions. No individual could withstand the enticing invitation to purchase properties in Hawaii, which might chance to be a reason that many Hollywood executives, higher end buyers who’re searching for second homes in heaven, etc..

With regards to price and rentals, have been getting remarkable growth. As was acknowledged property owners or earlier developers keep rates of their home high to obtain profit. When the earlier mentioned places are considered areas to live in property costs will increase immensely in reaction. Realtors in Hawaii who’re working to home buyers or home sellers provide Services. Post recession Hawaii house for sales will increase for the rationale that there is a bright future been predicted within the real estate market within Hawaii. Purchasing a house in Oahu that are well equipped having amenities, consisting of salt water pools, physical fitness facilities, Jacuzzi, etc.. Can serve two purposes I.e.. The place can act as the ideal vacation stay, and might be a perfect investment choice.