First National Center

[ljbab728]

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.

[okcfollower]

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

[Pete]

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.

[Rover]

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?

[Pete]

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.

[Loftsoffun]

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

[Praedura]

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

[Dubya61]

and the big banking hall is wonderful, too.

[jedicurt]

and the big banking hall is wonderful, too.

i keep hearing that from people... i need to go check it out sometime

[Pete]

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.

[Praedura]

Another extension? Ugh.

Hate to see a grand old building treated this way.

[HangryHippo]

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.

[Pete]

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.

[Just the facts]

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

[Steve]

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

[Urban Pioneer]

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.

[LakeEffect]

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.

[Pete]

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

[HangryHippo]

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.

[Skyline]

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

[GaryOKC6]

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.

[hoya]

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.

[Pete]

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.

[Steve]

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.

[Pete]

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