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Are New York City developers in hot water for the Panama Papers leak?

Five NYC groups are revealed in the database
  • Stonehenge Partners, the Witkoff Group, M1 Real Estate, a co-owner of Hiro Real Estate and the Nakash family have all been found in the ICIJ Offshore Leaks Database.
  • Although viewed as the largest leak of private and financial legal documents in history, the legalities of the holdings are unknown.
  • Skeptics are sifting through the documents to see who has potentially been disguising illegal financial activity.

frenky362 / Shutterstock.com Last week, 2.6 terabytes of documents exposed hundreds of thousands of offshore companies operating via Mossak Fonseca, a small Panamanian law firm with franchises all over the world -- including Switzerland, the British Virgin Islands, Cyprus and in the British crown dependencies. Some of the documents indicate large sums of money were transmitted through foreign companies and trusts, and so far, five major New York City real estate names have appeared in the documents: Stonehenge Partners, the Witkoff Group, M1 Real Estate, a co-owner of Hiro Real Estate and the Nakash family have all been found in the ICIJ Offshore Leaks Database. Although viewed as the largest leak of private and financial legal documents in history, the legalities of the holdings are unknown. Offshore accounts are perfectly legitimate as long as individuals disclose foreign activities in filings so they can pay taxes accordingly. "At this very preliminary stage, all tha...