Widgets Magazine
Page 29 of 127 FirstFirst ... 242526272829303132333479 ... LastLast
Results 701 to 725 of 3157

Thread: First National Center

  1. #701

    Default Re: First National Center

    http://newsok.com/fate-of-oklahoma-c...rticle/3705264

    Tell me this isn't so.

    The deadline was extended twice — to Aug. 17 and again until Tuesday after a reported death in Yashouafar's family. Sources have told The Oklahoman Yashouafar was in talks with Capmark to obtain yet another extension.

  2. #702

    Default Re: First National Center

    I hope that this gets taken caree of and it's completely renovated and thriving by its 100th year anniversary. But at this rate it won't

  3. #703

    Default Re: First National Center

    Sounds like Yashouafar is still trying to work a deal to spin off part of the property and raise the funds.

    This is turning into a nightmare.

  4. #704
    Join Date
    May 2008
    Posts
    9,024
    Blog Entries
    1

    Default Re: First National Center

    Maybe the deal with the rumored parking development in part of the complex is an effort to make up a shortfall in the $12 million so that he can hold on to the main tower?

  5. #705

    Default Re: First National Center

    Quote Originally Posted by Rover View Post
    Maybe the deal with the rumored parking development in part of the complex is an effort to make up a shortfall in the $12 million so that he can hold on to the main tower?
    Absolutely.

    And it's not just a rumor, as there was a presentation before the Downtown Design Review Committee about converting some or all of the Center and East buildings to parking by a local architect.

  6. #706

    Default Re: First National Center

    Still no word on the fate of First National. Its been almost a week.

  7. #707

    Default Re: First National Center

    We don't know the status of the building, but we do know it's a gem.

    The top:


    The clock:


    Photos by Justin Waits


    Art deco exterior:


    Photo by Jason Daniel Brown


    Exterior close up:


    Photo by Constance Burris

    Main Entrance:


    Street level:


    Photos by Andrew Shockley

  8. #708

    Default Re: First National Center

    and the big banking hall is wonderful, too.

  9. #709

    Default Re: First National Center

    Quote Originally Posted by Dubya61 View Post
    and the big banking hall is wonderful, too.
    i keep hearing that from people... i need to go check it out sometime

  10. #710

    Default Re: First National Center

    Steve said in his chat today that he believes Yashouafar has been given another extension to Oct. 4th.

    I'm sure he's feeding them a little money and buying more time to try and spin off some or all of the Center and East buildings.

  11. #711

    Default Re: First National Center

    Another extension? Ugh.

    Hate to see a grand old building treated this way.

  12. #712
    HangryHippo Guest

    Default Re: First National Center

    Even if he is able to spin off some or all of the Center and East buildings and retains control of the main building, don't you think we still see him eventually lose control of that as well? I see this is as a very clear case of delaying the inevitable.

    And those at Capmark look like idiots in all of this.

  13. #713

    Default Re: First National Center

    Quote Originally Posted by OnlyOne View Post
    Even if he is able to spin off some or all of the Center and East buildings and retains control of the main building, don't you think we still see him eventually lose control of that as well? I see this is as a very clear case of delaying the inevitable.

    And those at Capmark look like idiots in all of this.
    He's lost virtually everything else he owns but fights to the bitter end, tying up properties for years with litigation and other stalling tactics.

    Capmark is on the line for $21 million and are hoping they can at least get $12 million from Yashouafar, because they know they could never turn around and sell it for anywhere near that. So, they have a lot to lose and nothing to gain by taking back the property.


    Bad situation all the way around but it could become a lot worse if Yashouafar flogs off pieces to finance more stalling tactics. In the mean time, tenants are fleeing the building and nothing is being done to improve it's sorry state.

    And even if the present owners got their act together and tried to bring this building back, who on earth would want to do business with this guy?? Everyone knows his felonious and sleazy past.

  14. #714

    Default Re: First National Center

    Quote Originally Posted by Pete View Post
    http://theskylasvegas.blogspot.com/2011/03/aaron-yashouafar-bankruptcy-fraud.htmlAnd even if the present owners got their act together and tried to bring this building back, who on earth would want to do business with this guy?? Everyone knows his felonious and sleazy past.
    A little old, but tells you what kind of guy he is.

    http://theskylasvegas.blogspot.com/2...tcy-fraud.html


  15. #716

    Default Re: First National Center

    I must confess that I am shocked that Capmark is enduring the PR beating for these small payments. Perhaps they can't afford to swallow it, I have no idea.

  16. #717

    Default Re: First National Center

    Quote Originally Posted by Urban Pioneer View Post
    I must confess that I am shocked that Capmark is enduring the PR beating for these small payments. Perhaps they can't afford to swallow it, I have no idea.
    Not from what Steve's articles have said. I think they are are under court order to divest. If I was a Capmark shareholder, I'd be outraged.

  17. #718

    Default Re: First National Center

    Even if he is able to scrape up $12 million for Capmark, where is he going to get the money for any improvements with Devon leaving and cutting the building income in half??


    Yashouafar said amid the legal entanglements, he believes a brighter future is ahead for First National Center, which he bought in 2006 for $21 million. Renovations were halted in 2009. He said he is considering partial conversions of the site to housing, a hotel and parking.

    Read more: Nevada condominium residents fear their money is being diverted to First National Center in Oklahoma City | NewsOK.com

  18. #719
    HangryHippo Guest

    Default Re: First National Center

    Exactly. What exactly does he plan to do then? And by that point, I'm afraid he will have screwed enough of it up that interest in taking it on has waned.

    And again, Capmark looks bad in all of this.

  19. #720

    Default Re: First National Center

    Has it been reported how much Yashouafar is paying Capmark for these extensions?

  20. Default Re: First National Center

    I hope the whole thing goes to a local investor sometime soon. I like the idea of turning the middle building into a parking garage that would serve the first national building. Parking is a big deterrent for businesses right now. I have talked with several new companies that have recently moved downtown and they have to park on a day to day basis. They are on a waiting list for monthly parking. If you combine this with the overall lack of maintenance of the building then they are not very attractive. I will say that the space that Devon vacates will be in good shape though.

  21. #722

    Default Re: First National Center

    He can't hold onto it forever. Capmark is going to take a huge hit from this. The good news is eventually someone will be able to pick it up for its real value. Hopefully we get a local investor who will return it to its former glory. Perhaps a joint public/private group like was done with the Skirvin? If I had any money that's what I'd be trying to set up right now.

  22. #723

    Default Re: First National Center

    Quote Originally Posted by Skyline View Post
    Has it been reported how much Yashouafar is paying Capmark for these extensions?
    In Steve's article it said they have paid them more than $1 million for extensions.

    That sounds like a lot but they probably aren't paying them anything else and interest alone on a $21 million loan has to be over a million a year.

  23. Default Re: First National Center

    Pete, sources tell me it's likely Yashouafar has paid $1 million for EACH extension, but this is not info I can confirm. I only know that he has paid AT LEAST $1 million.

  24. #725

    Default Re: First National Center

    I wonder if he has a deal with Capmark that these payment extensions count toward the $12 million.

Thread Information

Users Browsing this Thread

There are currently 39 users browsing this thread. (0 members and 39 guests)

Similar Threads

  1. Willa Johnson advances in National League of Cities
    By Spartan in forum General Civic Issues
    Replies: 0
    Last Post: 10-14-2006, 05:57 PM
  2. New Italian Buffet at First National
    By Patrick in forum General Civic Issues
    Replies: 12
    Last Post: 05-09-2006, 01:00 PM
  3. National Memorial Fully Funded
    By Patrick in forum General Civic Issues
    Replies: 1
    Last Post: 07-28-2005, 05:34 PM
  4. Carol Stoops - National Title of her own - USA Today Story
    By BarbaraHarper in forum Current Events & Open Topic
    Replies: 0
    Last Post: 07-24-2005, 10:29 PM
  5. First National Building
    By Patrick in forum General Civic Issues
    Replies: 0
    Last Post: 10-19-2004, 01:32 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO