"On the 74th floor of the Time Warner Center, Condominium 74B was purchased in 2010 for $15.65 million by a secretive entity called 25CC ST74B L.L.C. It traces to the family of Vitaly Malkin, a former Russian senator and banker who was barred from entering Canada because of suspected connections to organized crime. Last fall, another shell company bought a condo down the hall for $21.4 million from a Greek businessman named Dimitrios Contominas, who was arrested a year ago as part of a corruption sweep in Greece. A few floors down are three condos owned by another shell company, Columbus Skyline L.L.C., which belongs to the family of a Chinese businessman and contractor named Wang Wenliang. His construction company was found housing workers in New Jersey in hazardous, unsanitary condition"

http://www.nytimes.com/2015/02/08/ny...ndos.html?_r=0

"But The Times also found a growing proportion of wealthy foreigners, at least 16 of whom have been the subject of government inquiries around the world, either personally or as heads of companies. The cases range from housing and environmental violations to financial fraud. Four owners have been arrested, and another four have been the subject of fines or penalties for illegal activities.

Nothing new. Foreign investors in real estate here has been common for quite a long time, now. The fact that some are criminals is nothing new, either. For most of these purchasers, it is a tax dodge against their native countries. They are rarely, if ever, at these places. What bothers me is that the city taxes paid are minimal at best. It is time NYC changed their tax laws and quit giving breaks for building and investing in condos.