First National Center

[bombermwc]

My fear is still what happens while the building is in limbo. Will we simply see it continue to decline? It's so close to shuddering its doors now, one little thing and it could go over the cliff.

[Pete]

Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence
By Steve Lackmeyer | Published: August 2, 2012

Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement.

The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.


Read more: http://newsok.com/owner-of-first-nat...#ixzz22MDqB2ZC

[soonerguru]

Owner of First National Center in Oklahoma City pleads guilty to embezzlement, faces up to 10-year prison sentence
By Steve Lackmeyer | Published: August 2, 2012

Aaron Yashouafar, owner of Oklahoma City's landmark First National Center, will have to pay $1 million to tenants of a Nevada condominium complex and faces up to 10 years in prison after pleading guilty to one felony count of embezzlement.

The plea comes as Yashouafar faces an Aug. 17 “final” deadline to pay $12 million to Capmark Group to retain control of First National Center, and follows a string of foreclosures, bankruptcies and controversies involving properties owned by his investment groups.


Read more: http://newsok.com/owner-of-first-nat...#ixzz22MDqB2ZC

It's a shame the Oklahoman has disabled comments on that story! LOL

[Just the facts]

It's a shame the Oklahoman has disabled comments on that story! LOL

Kind of weird they did that. They usually only do that for deaths. Why would a downtown building owner who pled guilty to embezzlement require the comments section to be closed?

[Steve]

Guys, that's not true: NewsOK routinely closes comments on crime stories. That's their policy. You may not agree with it, but it's not weird, unusual or new.

[kevinpate]

Kind of weird they did that. They usually only do that for deaths. Why would a downtown building owner who pled guilty to embezzlement require the comments section to be closed?

I thought they killed off comment section on most criminal case stories

[Mr. Cotter]

I thought it was odd too, because I read it more as a story about the building than the crime. It's too bad, really. I was curious how this was Obama's fault.

[Steve]

Pete, can you please, please, please add a function that allows a person to hit a thumbs up or like button for a comment? And in the case of the last one by Mr. Cotter, is there any way to have a "really, really like" button? (many Oklahoman reporters are embarrassed by the odd comments posted on the NewsOK stories - much better discussions take place here at OKC Talk and on my blog)

[Bellaboo]

I thought it was odd too, because I read it more as a story about the building than the crime. It's too bad, really. I was curious how this was Obama's fault.

You know it's Bush's fault................

[Steve]

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

[Mr. Cotter]

Steve, I don't want to turn this into a NewsOK thread, but it's nice to know you dislike so much of the comment section too. Occasionally there will be a good comment, often by someone referring a reader to this fine forum for more informaiton.

[Just the facts]

I thought they killed off comment section on most criminal case stories

Apparently so. Guess I just didn't read enough of the criminal stories to notice. I wouldn't have even read this story if it wasn't about FNC.

[kevinpate]

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

BEST.LOL.Today

Thanks Steve

[Jersey Boss]

You know it's Bush's fault................

Uninspired, uncreative, unreadable. You win.

[MikeOKC]

Everyday I wake up wondering "what do Paul from Yukon and Cletus from Mayberry (actual frequent comment posters) have to say about my latest story?"

I can just imagine. NewsOK comments are just, in general, horrible. After you're through wondering about Paul and Cletus, you brush your teeth, take a shower and then go to The Lost Ogle, which is probably your home start page. Just k-i-d-d-i-n-g!!!!!!!!

You do a great job, no question about it. The Oklahoman is lucky to have you.

[CaptDave]

TLO has replaced the comics for me. Always good for a laugh if Paul and Cletus decide not to provide material that day.

I just want someone with the financial and technical wherewithal to gain control of FNC. I have only been inside it once and the small portion I saw was fantastic. Heck - did anyone win that Powerball last night? For $12 million, FNC is a steal and I would have nearly enough $$ to renovate it! I understand the building presents challenges regardless of intended use after renovation, but hope a solution can be found before it deteriorates too far to be saved.

[Steve]

Thanks Mike. I have enough of a sense of humor and honesty to admit yeah, I'm sometimes amused by TLO. Though I swear, swear I don't have a pair of Bricktown pajamas.

[CaptDave]

Thanks Mike. I have enough of a sense of humor and honesty to admit yeah, I'm sometimes amused by TLO. Though I swear, swear I don't have a pair of Bricktown pajamas.

Oh man - glad that is cleared up! Still laughing.....

[Spartan]

Who else is marveling at the new views inside of Cafe7 from the street? I think they took down the construction window coverings at the beginning of this week.

[lasomeday]

Cafe 7 looks great! Can't wait to have lunch there. I thought they would be open by now. Must have some red tape to cut first.

[Spartan]

Do you know when it's opening?!?

[Mr. Cotter]

They look really, really close. I can't immagine more than a week or two at this point. I've been anxiously peeking through the holes they've had in the paper for the past few months, and was really excited to see more of it a few days ago. It looks great, and really fits in with the building. I really like their Quail Springs location, and will be a very regular customer downtown. I'm hopeful they are open for dinner too. This would make a great cheap option for dinner when downtown for the evening.

[MikeLucky]

Eh, the comments are merely to increase traffic and return visitors... It's not really to generate any kind of intelligent rapport...

[Spartan]

Thinking of their gourmet mac n cheese has me salivating already....

[Pete]

Looks like the present FNC owner is going to spend some serious time in jail. They even want his time to start 30 days before the formal sentencing.

This will go down as yet another colorful chapter in the on-going First National saga.


I'm going to go out on a limb here and say that I don't think this guy is going to be able to come up with the $12 million from a jail cell.

At least there will soon be a new owner and we've got nowhere to go but up.


I'm sorry that Capmark will be taking this in the shorts but they were crazy for underwriting such a huge mortgage on this property in the first place. So, they are going to take a big loss and have to sell this property for well less than what they're owed. I bet it will only fetch abut $5 - $8 million.

But if it's bought at that price, it might be possible to finally renovate and still be able to make some money.

As discussed before, I hope the City partners with Capmark to not only get this property into the hands of a responsible owner, but provide incentives for it's redevelopment. This is exactly why the OKC Alliance of Economic Development was formed.