First National Center

[Pete]

The situation at FNC is actually less bleak than the Skirvin, which had been completely shuttered for years.

But like the Skirvin, I think it's going to take the city getting involved with private investors for this building to ever reach it's full potential. Otherwise, it will continue to limp along, even with new ownership.

[hoya]

Bill Graves is a nice old guy, and I'd bet he's not going to force anything today. I don't think anyone is pushing for it to go into receivership. The current owner want more time, the lender wants to get every penny they can, so it will limp along for as long as they think they can get some extra cash. I'm sure it will go into receivership eventually, but the judge isn't going to just do it on his own.

[Pete]

Another Extension | OKC Central

[catch22]

Big surprise.

[Pete]

This is what Yashouafar does.

I have no idea why he drags these things out and holds on like grim death, but that is his pattern.

And in this instance, we have a judge and bank that are acting as enablers. NOBODY is representing the interest of the tenants, downtown or the community.



What happens if he finds some way to scrape up the money? Then what?

Not only would he not have a dime to put into the place -- remember that Devon is still paying them rent until this summer, then it's going to get really ugly -- but who on earth is going to sign a lease or even do business with this ownership group??

[catch22]

Maybe he's hoping he can gain control of it again so someone who wants to get it out of his hands will buy it from him, not the bank?

[Pete]

But even then, he has to come up with $12 million.

Who is going to pay $12 million for that complex?

If Capmark thought that was a decent possibility they would just take it back and flip it.



I really think Yashouafar is at least slightly insane.

Either that, or he just loves fighting with people in court, because that's how he spends the large majority of his time and he never comes out ahead.

[LandRunOkie]

John Mulaney has a joke about how Donald trump is not just a rich man, but what a hobo imagines a rich man to be. I think this is what Yashouafar is doing as well. He doesn't just want to be rich, he wants everyone to know he is rich and he wants to do all the thing he imagines rich people do, like go to court.

[bombermwc]

What's really sad is, the ugliest building in the complex is the one that makes the most money as well.

Let's throw some LED lighting up the sides, have it run, strobe the accent lighting, and we'll turn it into party central? LOL

At this point i think im just going to have to throw my hands up. If the banks don't even care, what hope do we have that anythin will ever happen?

[OklahomaNick]

Remember, Devon is still paying rent there so he is still getting a paycheck.
I think once that stops, he will let it go to the banks.
But until then he will fight it just to collect the built in paychecks.

The building is completely UN-marketable to lease out from a commercial real estate perspective.
Something drastic needs to be done, and I believe it will. Probably when Devon is done paying.

[hoya]

The problem is, nobody with an interest in historic preservation has a legal interest here. He's going to get continuance after continuance. As I said, the lender knows it's going to lose a ton of money on this, so they're trying to mitigate their losses. As long as he keeps paying something, it's worth it for them to let him drag it out. If they can get an extra million dollars every few months, hell, let him have the time. Remember their interest is to get their money.

Yashouoafa... Yashuoa... homeboy's interest is to keep the building. Why he thinks he needs to keep it is beyond me. Maybe he thinks his luck is gonna turn around. Maybe he thinks he'll make a lot of money on some other business venture that he can use to pay off FNC. Whatever the case, he wants to keep it as long as he can.

The judge has both sides asking for more time, he isn't going to press it forward on his own. There are a handful of judges in Oklahoma County who woud do that (mostly on the criminal docket), but Bill Graves isn't one of them.

[Bailey80]

The story is in front of the pay wall for today on our website:

Bank releases First National Center from mortgage, property safe from receivership

Bank releases First National Center from mortgage, property safe from recievership | The Journal Record

[Pete]

Ugh.

“With their renewed ability to focus their attention on the building and its tenants, the owners and managers of this OKC landmark plan to resume renovations that had been previously started and to aggressively pursue a leasing program to increase occupancy,” Swedlow said in a statement.

First National’s owners have paid off Capmark, Swedlow said. The bank abruptly dropped its foreclosure lawsuit against the owners of the First National Center on Wednesday.

[HangryHippo]

Ugh.

Damn it. This sucks.

[Teo9969]

So if I read correctly, he owns the building outright at this point?

[streuli]

The Journal Record's Brianna Bailey reports today that Milbank is out of foreclsure and has retained the First National Center
http://journalrecord.com/2012/10/18/...p-real-estate/

[Pete]

So if I read correctly, he owns the building outright at this point?

Just means he paid Capmark enough money for them to release him from the mortgage they held.

Undoubtedly, he borrowed THAT money from another bank somehow.

I doubt he owns it free and clear.

[Pete]

Now, we are back to this:

With a deadline looming for First National Center to go into receivership, a potential sale is in the works that involves the center and east portions of the complex being converted into structured parking.

Architect Don Beck appeared before the Downtown Design Review Committee on Thursday on an unscheduled presentation and told members his unidentified client had not yet bought the properties but was looking at turning them into parking.

Read more: Mystery buyer proposes turning First National annex buildings into parking | NewsOK.com


So, it's entirely possible Yashouafar is going to flip the Center and East buildings and then, what??? Renovate the tower?

[OKCTalker]

Out of the frying pan and...

Aaron Yashouafar will be sentenced for embezzlement in four weeks. So instead of First National being controlled by a receiver or lender, it will be in the hands of a guy who is on his way to jail.

Have the moving trucks started lining up yet along Park & Robinson?

[HangryHippo]

This is just incredible. A landmark building controlled by a felon and a judge had the ability to stop it the whole time. Maybe Yash can start more renovations that trash what's already there and really bring it down...

[Pete]

Don't forget there is a pending federal investigation that Yashouafar took government money for asbestos abatement then provided falsified cancelled checks from the vendors who did the work.

[OKCTalker]

This is just incredible. A landmark building controlled by a felon and a judge had the ability to stop it the whole time. Maybe Yash can start more renovations that trash what's already there and really bring it down...

The judge couldn't strip Yashouafar's ownership just because he's a bad guy. The main issue before the court was non-payment to the lender, and a deal has apparently been struck.

Yashouafar wouldn't have worked this hard to keep it if he didn't have a deal in the works. Still, he's back in control, at least until he goes to prison.

[Pete]

No, this parking thing all came out when the architect showed up at the Downtown Design Review Committee in an attempt to gauge possible reception to the idea before they closed on the sale.

This could have completely fallen through for all we know, but nothing can happen downtown without going through the correct approval process and any such large change would be closely scrutinized. Further, I'm sure the potential owners/developers would be working with the City due to the obvious need for more parking in the CBD and also the opportunity for various grants and loans.

[kevinpate]

<honking big sigh>

[BrettM2]

<honking big sigh>

Sums it up.