Posted January 22, 20205 yr It's all here, clear as crystal. https://beltmag.com/ukrainian-money-laundering-cleveland/ "During the course of this alleged money laundering, they became the largest property owners in Cleveland. They purchased, under the name Optima Ventures, five skyscrapers between 2008-2010: One Cleveland Center, 55 Public Square, Huntington Building, AECOM/Penton Media Building, and the Crowne Plaza Building. Then they let those buildings deteriorate, and sold them at a loss. (They also bought a steel mill in Warren, which has since gone out of business, its 162 workers laid off.)" (apologies if this is not the right forum, wasn't exactly sure where to put it)
January 22, 20205 yr I toured a couple of Ukrainian journalists around Cleveland in December, showing them the five skyscrapers (including the interiors of two of them with the kind permission of friends). It was the journalists' first time in America and they seemed to enjoy their stay with the assistance of my Ukrainian wife. They liked Cleveland but didn't understand why there weren't more people out walking, enjoying the parks or sitting on their front porches (welcome to America, land of hermits!). They also visited Warren and Washington DC. BTW, one of the two remaining Optima buildings in downtown Cleveland is in the process of being sold. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 22, 20205 yr Author 4 hours ago, KJP said: I toured a couple of Ukrainian journalists around Cleveland in December, showing them the five skyscrapers (including the interiors of two of them with the kind permission of friends). It was the journalists' first time in America and they seemed to enjoy their stay with the assistance of my Ukrainian wife. They liked Cleveland but didn't understand why there weren't more people out walking, enjoying the parks or sitting on their front porches (welcome to America, land of hermits!). They also visited Warren and Washington DC. BTW, one of the two remaining Optima buildings in downtown Cleveland is in the process of being sold. Sounds about right. For whatever my opinion is worth I don't blame Urban Ohioans or Ukrainian journalists or whatever for letting this slide. It would take a keen eye to notice what was going on and put the pieces together. If anyone is to blame I would look to the leadership who let it happen.
January 22, 20205 yr 5 hours ago, KJP said: BTW, one of the two remaining Optima buildings in downtown Cleveland is in the process of being sold. 55 PS? On & off with K&D. Last I heard it was off.
January 23, 20205 yr 9 hours ago, KJP said: BTW, one of the two remaining Optima buildings in downtown Cleveland is in the process of being sold. 4 hours ago, gottaplan said: 55 PS? On & off with K&D. Last I heard it was off. @KJP are they renovating 55 PS to sell it? Also, don’t they still own both the One Cleveland Center and the Westin? Did I miss one of those being sold? When is the last time I-71 turned a profit?
January 23, 20205 yr 9 hours ago, gottaplan said: 55 PS? On & off with K&D. Last I heard it was off. Back on again. 5 hours ago, Boomerang_Brian said: @KJP are they renovating 55 PS to sell it? Also, don’t they still own both the One Cleveland Center and the Westin? Did I miss one of those being sold? Optima won't renovate it. If the sale closes, K&D will. Optima sold the Westin. Still owns One Cleveland Center. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 30, 20205 yr On 1/22/2020 at 10:33 AM, KJP said: I toured a couple of Ukrainian journalists around Cleveland in December, showing them the five skyscrapers (including the interiors of two of them with the kind permission of friends). It was the journalists' first time in America and they seemed to enjoy their stay with the assistance of my Ukrainian wife. They liked Cleveland but didn't understand why there weren't more people out walking, enjoying the parks or sitting on their front porches (welcome to America, land of hermits!). They also visited Warren and Washington DC. BTW, one of the two remaining Optima buildings in downtown Cleveland is in the process of being sold. So here's the two-part broadcast showing lots of scenes of Cleveland and yours truly getting interviewed and walking around downtown Cleveland. My Ukrainian wife then drove them around town and they got more video of more locations, including various locations along the lakefront and river. Unfortunately, it's all in Russian so unless you known at least some Russian, you won't be able to understand it. But you'll at least get to see what Ukrainians saw of Cleveland. And yes, this was a national broadcast throughout Ukraine. They certainly do love their dramatic presentation of news... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 30, 20205 yr Большое спасибо! It's pretty crazy Cleveland being in the center of this. At the very least, the world gets to see some beautiful shots of the city.
April 30, 20205 yr They had some nice things to say about the city, as well as sharing some pretty video of it. Greater Cleveland already has a large Ukrainian community and this news report in Ukraine might help add to those numbers. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 1, 20205 yr "They liked Cleveland but didn't understand why there weren't more people out walking, enjoying the parks or sitting on their front porch" Maybe because they visited in December? Lol.
May 1, 20205 yr 2 hours ago, jeremyck01 said: Maybe because they visited in December? Lol. I've seen many more people out walking and enjoying outdoor cafes and bars with and without firepits in December in Ukraine than in July in Cleveland (or most cities in America). We didn't start seeing Clevelanders and Lakewoodites walking and biking until the pandemic hit. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 1, 20205 yr Which building is the AEOCOM building? How is One Cleveland Center. I used to work in that building. It was in need of upgrades. Was only there a few months. Originally was in Erieview. Enjoyed Erieview better, but I admit I liked the convenience of the Galleria attached to it, back when the Galleria actually was a viable mall.
May 1, 20205 yr 8 hours ago, Brutus_buckeye said: Which building is the AEOCOM building? How is One Cleveland Center. I used to work in that building. It was in need of upgrades. Was only there a few months. Originally was in Erieview. Enjoyed Erieview better, but I admit I liked the convenience of the Galleria attached to it, back when the Galleria actually was a viable mall. The AECOM building is right across E9th from the Galleria. You probably know it by the previous name, Penton Media. It’s crazy how these guys once owned that building, the Westin next door (where they were the money behind the renovations and turning it into a Westin), One Cleveland Center just across the intersection, and the massive Union Trust building a few short blocks away - all so close together. I’m glad most of their Cleveland portfolio has been sold off. Edited May 1, 20205 yr by Boomerang_Brian Clarification When is the last time I-71 turned a profit?
May 4, 20205 yr On 5/1/2020 at 8:13 AM, Boomerang_Brian said: The AECOM building is right across E9th from the Galleria. You probably know it by the previous name, Penton Media. It’s crazy how these guys once owned that building, the Westin next door (where they were the money behind the renovations and turning it into a Westin), One Cleveland Center just across the intersection, and the massive Union Trust building a few short blocks away - all so close together. I’m glad most of their Cleveland portfolio has been sold off. Its been a while, I think I remember the Penton Media building. I always thought the building across from the Galleria was the IMG building, unless I am thinking the wrong direction.
May 4, 20205 yr On 5/1/2020 at 8:13 AM, Boomerang_Brian said: The AECOM building is right across E9th from the Galleria. You probably know it by the previous name, Penton Media. 6 hours ago, Brutus_buckeye said: Its been a while, I think I remember the Penton Media building. I always thought the building across from the Galleria was the IMG building, unless I am thinking the wrong direction. IMG Building is southwest corner of St Clair / East 9. AECOM is northwest corner. Found this nice shot on Flicker. IMG is center w Terminal Tower sticking out of the middle. AECOM is dark building on the right edge. And Westin is immediately behind AECOM - you can just make out that white Westin logo along the street above the end of the Galleria. When is the last time I-71 turned a profit?
May 19, 20205 yr Update to the story by Crain's: Quote Comeback unravels for controversial Ukraine billionaire who is under investigation by the U.S. Attorney's Office in Cleveland May 19, 2020 08:33 AM - Bloomberg (Ukrainian President) Zelenskiy is safeguarding the state's takeover and bailout of Privatbank, Ukraine's No. 1 lender, to gain access to billions of dollars of foreign aid, a task that's become more urgent amid the Covid-19 pandemic. That erodes Kolomoisky's defense against more than $10 billion of damages claims in jurisdictions from London to Cyprus, where he's fighting accusations he siphoned off billions of dollars of cash. The cases have also spawned a U.S. money-laundering probe. [...] What happened to the proceeds of the alleged fraud is of interest in the U.S., where Kolomoisky is under investigation by the FBI and federal prosecutors. U.S.-based business partners of the tycoon are facing civil claims that they helped launder hundreds of millions of dollars stolen from Privatbank by buying office buildings and businesses in America, according to a court filing in Delaware. The U.S. Attorney's Office in Cleveland, which launched the investigation, declined to comment. https://www.crainscleveland.com/real-estate/comeback-unravels-controversial-ukraine-billionaire-who-under-investigation-us
August 4, 20204 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 4, 20204 yr Hey--KJP--I was just about to hit "Submit" on my update on this thread posting the same story!
August 4, 20204 yr Not the type of news you want to hear. https://fox8.com/news/fbi-agents-raid-offices-of-owner-of-several-high-rises-in-downtown-cleveland/
August 4, 20204 yr Who would be surprised to learn the principals behind Optima are also behind Realife? Remember: It's the Year of the Snake
August 4, 20204 yr 1 hour ago, Dougal said: Who would be surprised to learn the principals behind Optima are also behind Realife? I don't believe they are, but I wouldn't be surprised if there's a similar type of story.
August 5, 20204 yr Maybe the Westin will improve now. Since living in Warren/Youngstown my wife and I try to stay at a different downtown Cleveland Hotel for a mini vacay. Even being a Marriott rewards member, the Westin Hotel is one that I won’t think about staying at. The reviews especially on the Marriott Bonvoy are really bad! Edited August 5, 20204 yr by cle_guy90
September 24, 20204 yr Author New article in Cleveland Scene. https://www.clevescene.com/scene-and-heard/archives/2020/09/23/ukrainian-oligarchs-left-trail-of-devastation-as-they-bought-then-abandoned-heartland-real-estate?media=AMP+HTML The article itself is mostly a wrapper for this article which is more broad and covers other scandals by this group including an explosion at an unsafe steel factory in Warren OH in 2011. https://www.icij.org/investigations/fincen-files/with-deutsche-banks-help-an-oligarchs-buying-spree-trails-ruin-across-the-us-heartland/
October 7, 20204 yr Owners of Westin Cleveland Downtown, already mired in FBI probe, face mortgage foreclosure lawsuit https://www.cleveland.com/realestate-news/2020/10/owners-of-westin-cleveland-downtown-already-mired-in-fbi-probe-face-mortgage-foreclosure-lawsuit.html "Optima 777 owes $35 million in the unpaid principal of a mortgage for the 484-room St. Clair Avenue hotel, as well as nearly $500,000 in interest and a $1.4 million late fee, according to a lawsuit filed Friday in Cuyahoga County Common Pleas Court. The company obtained the loans from Cleveland International Fund of Cleveland Heights, a firm that connects foreign investors seeking residency in the U.S. with real estate development opportunities. "Fund CEO Stephen Strnisha said in an interview Monday that Optima 777, which is majority owner of the hotel, has tried to either sell or refinance the mortgage since 2019. "Once the coronavirus pandemic hit, the hospitality industry tanked following government-mandated shutdowns, a recession and restrictions on mass gatherings. Strnisha said the pandemic sunk any ability for the company to take any steps to put the hotel on better financial footing." I think this is actually a good thing - one step closer to getting Optima out of Cleveland. Strnisha is also quoted saying they "have no qualms about how Sage [Hospitality] has run the property". (Sage has less than 5% equity.) It sounds like the bond investors prefer to have Sage continue running it. I know there have been some negative comments on the hotel, but I thought Urban Farmer was pretty well run (same management group). Plus the bond investors would likely pay the $700k in taxes and penalties currently owed on the property. When is the last time I-71 turned a profit?
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