^

Love that idea but I don't think that would be nearly enough parking. There is virtually no available parking downtown right now and that building is about 2/3 empty.


Whatever happens, there should be careful and deliberate consideration by the Downtown Design Review Committee, OCURA and any other city body that may be involved.

I would rather this property sit vacant another 20 years than to f it up yet again.


Remember, dividing ownership from the parking garage directly south is what caused this problem in the first place, and decades later everything is still a big mess.

But it sounds pretty ambitious for a suburban warehouse developer.

Hmmmm.... city, no one in this thread identified the person as a "suburban warehouse developer." Yet you know the man's name and track record, don't ya?

I don't disagree about the tower conversion necessitating parking if it is residential, hotel, or both. I could buy into that. But I cannot support parking for the sake of parking.

Class C office space can nearly always be renovated to at least B quality. But there are support opportunities directly north and directly south, on the streetcar line, for garage development to enable a viable renovation of the existing, or demolition and construction of a replacement urban structure.

It may the "last great blight", but I would rather wait for the best deal possible. Why are we in such a rush to support demo/garages?

Check out the parking garage at 200 North Tampa St, Tampa. Would you be 'unhappy' with something like that?

Here's what I would like to see happen:


Capmark takes back the building today and finally pries Milbank's hands off the complex's throat
Cathy O'Connor & the Economic Development Trust partners with Capmark to market the property at a realistic price, with some TIF and other incentives
No incentives unless specific requirements are met, namely complete renovation of the Tower



The absolute worst thing would be Yashouafar flogging off pieces just to keep his head above water while he's sitting in prison and shifting money from property to property to stave off about a dozen foreclosures.

The absolute worst thing would be Yashouafar flogging off pieces just to keep his head above water while he's sitting in prison and shifting money from property to property to stave off about a dozen foreclosures.

It's a little different, but it would be much like what happened to the Skirvin when it was owned by Sapta. It would just sit there and deteriorate.

But it sounds pretty ambitious for a suburban warehouse developer.

You know something we don't?

But it sounds pretty ambitious for a suburban warehouse developer.

There is only one suburban warehouse developer that I know that could pull this off.

Okc the City of mystery towers and mystery buyers.... The City of Mystery!

There is only one suburban warehouse developer that I know that could pull this off.

Okc the City of mystery towers and mystery buyers.... The City of Mystery!

The Mystery City - that has a nice ring to it. People will ask why it is called that, and you can reply, it's a secret.

There is only one suburban warehouse developer that I know that could pull this off.

Okc the City of mystery towers and mystery buyers.... The City of Mystery!
Tanenbaum? He also has a history of renovating dilapidated downtown structures into housing.

Tanenbaum is sitting on tons of cash due to the recent $77 million sale of the Lincoln at Central Park apartments.

He probably has to do something with all those proceeds to avoid a big capital gains tax hit, and of course he is also taking a hard run at Lincoln Plaza, developing apartments on I-240 near Tinker, and adding living units to the Montgomery.

Count me with Urban Pioneer. I don't see the need to demolish or get rid of the East building and add an entrance to a parking garage off Broadway. I feel like by the time we're done with Downtown, every other building is going to be a damned parking garage (And only two or three are going to have any groundfloor interaction with the street!). If you're going to build one here, I say tear down the HIDEOUS center buildings, keep the east building and the tower on the west side and wedge the parking garage in between those two. Oh, and I say that the parking garage should be required to have ground-floor retail. I'd be mighty upset if parking spaces were allowed to replace office and retail street frontage on two of our most impressive streets, Broadway and Park Avenues. It would be a shame.

I don't know why, but this "plan" scares me. I'll hold judgement until the plans are officially released.

The problem with their proposal is the only parts of the building worth anything is the east side. I have been in all of both buildings and the eastside is the only side that has been renovated. That is the part they want to turn into a parking garage? It would be nice if they looked at the buildings before they decide to tear them apart!

I don't think we have enough to nibble on, except that one thing has become clear: The FNC situation has not yet hit rock bottom. It could get worse. The building's outlook could look much worse than it does today, where Cafe7 has kept the corner of Park and Robinson pretty busy the last two weeks, and the future shows diverse possibilities for the complex.

Splitting up ownership of the block. A huge parking structure lining half of Park Avenue. Demolition of the east building. All of this shrouded in mystery.

I hope Don Beck is getting compensated handsomely, because so far, he's the only real name attached to this.. and Steve is right that this deal could make some professionals very unpopular.. and I think a lot of people have instantly gotten very nervous about First National.

Those are all the thoughts I have after giving it a day to ponder. That said, I really hope it ends up for the best. I hope that ownership of the entire center remains consolidated and it would definitely be a good, worthwhile endeavor to replace the annex building with attached parking. But wouldn't it be easier to just purchase the Main Street Parking Garage (with all of its existing linkages to the FNC)??

(Oh and yes, I believe that the First National Arcade spans Robinson all the way to Broadway. I could be wrong, but last time I was in there looking for a bathroom on the ground level, the only one was as far east as you could go right in front a set of outside doors. What Don Beck is suggesting sounds an awful lot like the majority of the arcade is also "unspecified")

The Aug. 17th deadline for Milbank to come up with the $12 million has come and gone.

Capmark swore there would be no more extensions but perhaps that's exactly what has happened.

yep

The Aug. 17th deadline for Milbank to come up with the $12 million has come and gone.

Capmark swore there would be no more extensions but perhaps that's exactly what has happened.

From my story: http://journalrecord.com/2012/08/16/putting-up-a-parking-lot-committee-hears-plans-for-east-center-first-national-center-buildings-real-estate/
The deadline for First National’s current owners to come up with the $12 million settlement money has been moved up twice already. The most recent change was in July, when the deadline was bumped up to Friday.

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.

“Capmark is aware of the situation, and based on this fact, they are considering a short-term extension to allow this transaction to complete,” Yashouafar said.

My understanding the extension goes for about a week.

From my story: http://journalrecord.com/2012/08/16/putting-up-a-parking-lot-committee-hears-plans-for-east-center-first-national-center-buildings-real-estate/
The deadline for First National’s current owners to come up with the $12 million settlement money has been moved up twice already. The most recent change was in July, when the deadline was bumped up to Friday.

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.

“Capmark is aware of the situation, and based on this fact, they are considering a short-term extension to allow this transaction to complete,” Yashouafar said.

Wow, do they have any proof his mom died or is he just using it as an excuse. He is pulling out all the excuses to keep from paying.

Spartan,

Yes, the First National Arcade extends from Robinson to Broadway and is the key part of the Underground/Concourse that connects the city.

For what it's worth... I suspect Yashouafar's mother really did die.

"Wow" is right. What is the point of delaying and delaying if he cannot come up with the money anyways?

I mean, if the guy's mom died...some things are more important than business matters. If this goes on another 15 days, that's an issue...but give a man a break when he needs it.

In an email, Yashouafar said his mother died unexpectedly last week and Jewish laws forbid him from handling any business transactions until Friday.


I hate unexpected deaths. I now require all friends and relatives to give me a written 2-week notice of any death. Maybe if he didn't wait until the last minute this wouldn't be an issue. BTW - that no business transaction seems like a load of crock - otherwise how would a Jewish funeral director get any business? Of course, Capmark doesn't want the building so any excuse is good for them.

Nope, that whole not working for a week thing is real. http://en.wikipedia.org/wiki/Shiva_%28Judaism%29

Nope, that whole not working for a week thing is real. http://en.wikipedia.org/wiki/Shiva_%28Judaism%29

Fair enough - I guess you learn something new everyday.

His mother's funeral was August 10th, so the Shiva would have lasted through August 17th.



Hopefully this mess will be resolved once and for all by the end of this week.

Another week has passed...

What the heck is going on here?

My condolences to the Yash fam, but this is getting insane... My grandpa passed away last week in e middle of my move to Cleveland but I went out of my way to not use that as an excuse for anything, because that's not how you honor someone who has passed. Sheesh

http://journalrecord.com/2012/08/24/capmark-bank-to-first-national-center-owners-pay-up-by-tuesday-real-estate/

So Tuesday is D Day.


I hope the City is getting prepared to help Capmark get this property into some responsible hands.

My condolences to the Yash fam, but this is getting insane... My grandpa passed away last week in e middle of my move to Cleveland but I went out of my way to not use that as an excuse for anything, because that's not how you honor someone who has passed. Sheesh

It is a Jewish religious custom, not just how one feels about it. Surely everyone can understand beliefs and customs regarding faith in God trumping a business meeting. Have we all gotten that callous and cynical that these things don't matter? And yes, it appears Yash is a despicable business man, but I cannot read what is between him and God...it is a different judgement and not ours to make.

That said, I do not understand why there is no information on this.

http://journalrecord.com/2012/08/24/capmark-bank-to-first-national-center-owners-pay-up-by-tuesday-real-estate/

GW, keep in mind that unless we subscribe to the JR we can't see any part of the article you're posting a link to.

Steve's latest comments on the FNC.

http://newsok.com/oklahoma-citys-first-national-center-saga-either-continues-or-starts-new-chapter/article/3704777

Interesting comment in Steve's article:


At least four significant investment groups are awaiting the close of business today and hope that Capmark's extensions are over and that the property goes into receivership Wednesday morning.

Read more: http://newsok.com/oklahoma-citys-first-national-center-saga-either-continues-or-starts-new-chapter/article/3704777#ixzz24r9x1Ucv

I went into this building for the first time in my life last night. I must say, the Banking Hall is absolutely stunning. Just a breathtaking space. But the lower level that you reach when you come up from the Conncourse is fairly decrepit. I also wondered why some of those shops aren't set up at street level. I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

I went into this building for the first time in my life last night. I must say, the Banking Hall is absolutely stunning. Just a breathtaking space. But the lower level that you reach when you come up from the Conncourse is fairly decrepit. I also wondered why some of those shops aren't set up at street level. I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

The retail on the ground level is called the Arcade and used to be thriving. The current owner started renovating it and stopped just as most of it was torn up.

Under this ownership, lots of tenants have left.


As for the Conncourse/Underground, that is a raging debate and has led some to not want to support it or ad more entrances.

I had no idea how much was down there as it was my first time experiencing all of it, but I just kept thinking there would be loads more vibrancy on city streets if these shops weren't tucked away in the bowels of the building.

Yep.

The 5PM deadline has passed...

I'm sure we'll know more by the morning but I'm hoping and praying that Capmark has finally taken this property back.

If they think they are getting $12 million out of Yashouafar they got another thing coming. If they have 4 parties interested in buying they need to take ownership and put it up for auction.

Steve mentioned on twitter he thinks it might be a week before we know what happened today.

http://newsok.com/fate-of-oklahoma-citys-first-national-center-still-unknown/article/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.

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

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.

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?

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.

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

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

The top:
http://farm9.staticflickr.com/8458/7947724780_ffc505dd2d_b_d.jpg (http://www.flickr.com/photos/radargeek/7947724780/in/photostream)

The clock:
http://farm9.staticflickr.com/8310/7947724310_ee819f39ff_c_d.jpg (http://www.flickr.com/photos/radargeek/7947724310/in/photostream)

Photos by Justin Waits (http://www.flickr.com/photos/radargeek)


Art deco exterior:
http://farm3.static.flickr.com/2416/2165789763_77e6aed35c.jpg (http://www.flickr.com/photos/jasondanielbrown/2165789763)

Photo by Jason Daniel Brown (http://www.flickr.com/photos/jasondanielbrown)


Exterior close up:
http://4.bp.blogspot.com/_kL_9j8zEv1A/S_dXv4L3HqI/AAAAAAAAA3Y/g5nn5bAzt1U/s1600/000_0128.JPG (http://okcimages.blogspot.com/2010/05/first-natl-building-no-1.html)

Photo by Constance Burris (http://okcimages.blogspot.com/)

Main Entrance:
http://farm4.staticflickr.com/3023/2733048701_aaae250e2a_b_d.jpg (http://www.flickr.com/photos/25690090@N03/2733048701)

Street level:
http://farm4.staticflickr.com/3035/2744988805_5a6afe6f86_b_d.jpg (http://www.flickr.com/photos/25690090@N03/2744988805)

Photos by Andrew Shockley (http://www.flickr.com/photos/25690090@N03)

and the big banking hall is wonderful, too.

and the big banking hall is wonderful, too.

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

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.

Another extension? Ugh.

Hate to see a grand old building treated this way.

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.

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.

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/2011/03/aaron-yashouafar-bankruptcy-fraud.html

Nevada condominium residents fear their money is being diverted to First National Center in Oklahoma City | NewsOK.com (http://newsok.com/article/3709076)

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.

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.

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 (http://newsok.com/nevada-condominium-residents-fear-their-money-is-being-diverted-to-first-national-center-in-oklahoma-city/article/3709076#ixzz26GOWwnfH)

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.

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