"town within the city" living concept where high-rise residential buildings are mixed with a cottage village named "Y". After that, the company launched new business centers Pollars and Europe Building. In 2002–2007, the company started the construction of such residential compounds as Taganka House, Kutuzovskaya Riviera, Mirax Park and the Federation Tower – a mixed-use complex in the Moscow International Business Center – Moscow City. 2008 economic crisis and restructuring into Potok In 2008, Polonsky was the first developer who openly admitted that the Russian real estate market was hit by the global financial crisis. According to Anton Chernigovsky, who wrote the article "Polonsky Makes a Demarche" published in the Business Magazine, "his competitors kept arguing zestfully that real estate was the last thing to be threatened by the crisis. But in as early as two months, they had to withdraw their words and start to urgently suspend their projects and patch up financial gaps". The downturn hit Mirax Group hard; in August 2008, Polonsky published an open letter in his blog, where he said that during the previous year, Mirax Group could not receive any credit to continue construction and had not sold any real estate over the past few months. Commissioning deadlines, therefore, needed to be reviewed and extended. On 10 October 2008, Sergei Polonsky announced that he would eat his tie if the elite apartments' prices did not rise by over 25% in 1.5 years. The forecast came true with a half a year delay, and on 31 May 2011 Polonsky ate a piece of a true tie at Minaev LIVE, a TV show hosted by Sergey Minaev. In July 2009, Alpha Bank acquired all of Mirax Group's debt obligations to Credit Suisse and called in the company's debts in an effort to bring the company to bankruptcy and take control of it. Polonsky described the steps taken by Alpha Bank as ‘premeditated systematic actions aimed at divesting and acquiring’ the corporation’s assets adding that Mirax Group had been 'completely unready for the sudden turn of events.' In February 2011, Sberbank of Russia (Savings Bank of the Russian Federation) decided to grant Mirax Group a $373 million credit for six years. On 3 March 2011, at a media conference, Sergey Polonskiy declared that the Mirax Group Board decided to liquidate the Mirax brand. He also promised to fulfill all the obligations of the Group to complete the