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Report: Park 51 Developers Got Building For A Steal

2010_08_meccadeal.jpg
How long has the Post been waiting to use this headline?
According to the Post, the family that sold the summer's most controversial piece of real estate—45-47 Park Place, the former Burlington Coat Factory store—to the developer who wants to turn it into a community center with a mosque (just two blocks from the World Trade Center) apparently got a much higher offer but still decided to sell to Sharif El-Gamal, who bought it for $4.8 million. How much higher was the other offer? $18 million—in cash! The Post reports, "El-Gamal did offer what could be viewed as a sweetener to his $4.8 million bid in July 2009 -- a job as a property manager for a son of the family, Sethian Pomerantz." Ah, nepotism.

New York developer Kevin Glodek offered $18 million cash for the building in 2007 and was so outraged to hear what the Park 51 developer got it for that he "wondered whether money changed hands under the table, according to sources close to the deal." Glodek's plan for the building: A 60-story condo tower—wonder how that would have gone over in the community vs. Park 51. And apparently another developer offered $17 million cash for the building and another downtown mosque was thinking about buying the building for $18 million. "But the Pomerantz family -- for reasons that remain unclear -- rejected the offers."

An executive at a real estate appraisal firm says that given El-Gamal's offer was 70% than Glodek's, and lower even when considering the declining real estate market at the time, it seems "suspicious." Here's why it could be seen as quite a deal: "Property in the area hovered between $250 to $290 a square foot. El-Gamal purchased the 45-47 Park Place property for the rock-bottom price of just over $100 per square foot."

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Comments [rss]

  • homesweethome

    This is all so silly! We are americans right? I am a white american woman living in South Ozone Park (muslim central). I am one of the very few whites left in this area and I must say that of all the races/religions in my neighborhood, the muslim's are the most sweet, respectfull, devote people I have ever met! If you think otherwise, maybe it's because you haven't taken the time to get to know any. Terrorists are no different than our white American Cults. Many of them are based on a religion (christianity) but people have corrupt the teachings. I was born and raised in America (3rd generation). Muslims have the right to put a mosque where ever they want as long as they are Americans! If we don't allow it will we still be America? The home of the free? Even If they were doing it to laugh in our face,Don't they have that right???? That's what makes America so grand! What if it were some Christian Crusade who decided to attack the world trade center. Would we ban Christian churches from the site? Fat chance in hell! Instead of letting the media decide what our issues are. Why don't we try to start thinking for ourselves! The big question is...Where did they all the Muslims come from? Where is our national security? Where is our immigration police? Why are our boarders wide open? I beleave in freedom hole hartedly and I try not to judge based on religion or color, but where did they all come from??? It's home of the free for the people who have the right to be here and I can not say that all Muslims are here in good faith. THAT IS OUR ISSUE!

  • Guest

    It makes me all warm and fuzzy to know that the Muslims opposing the building of this mosque are known as bigots by the Gothamist community.

  • sowhtifithppnsitwll

    and, this is news?

  • Madly Hatting

    The fact that we're still talking about this means the terrorists have already won.

  • wow 14th street

    I will just say it all again ,the Mosque Islamic Information center will never be built at this location as our patriotic labor unions will make sure of this,wrong location wrong time.

  • JacqueMehoff

    they're refusing a paycheck? it may look like there's a building boom, but the industry is still recovering. besides it's not that large a project, it's 13 stories not 130 stories.

  • SeasTooFarToReach

    Hmmm... maybe they lowered the price because it's a non-profit community center?

  • whitecastlerock

    The owners of Yankee stadium and CitiField got terrific deals as well-far more damaging to the economy that this building. I guess the bigots are baseball fans who see nothing wrong with taxpayer money-and a shitload of it at that-be directed towards building unnecessary stadiums for very wealthy sports teams. Where is the "promised" economic redevelopment in the South Bronx? Where is the outrage there? What is more shameful is that this building may be completed before the World Trade center site-thanks to greedy developers and scum bucket lawyers. This shit is way too tedious...

  • Såkandulæredet

    Can people comment on the issue (even though I'm 100% guilty for putting up a comment about the intrade odds)?



    Especially the last line that Gothamist posted, it's curious to say the least. $100 per square foot? Everyone is just like blah blah, Post is owned by Murdoch, blah blah, we hate it, something something "rag" — but is there any truth to this particular article?



    It seems very strange to me... forget about the 18 million dollars, just $4.8 million seems cheap for anything in that area. Anyone?



    Esp someone with real estate knowledge, speak up.

  • Xwendekar

    My comment: If this were ANY other non-profit, no one would be asking this question.

    It's none of our damn business.

  • Xwendekar

    Could you please stop dumpster diving in the Post's trash for material to put on this site? If I wanted to slum it and hear what that not-fit-for-ass-wiping rag had to say about anything, I would look on THEIR site. But I don't.



    Seriously, it seems like you guys pull this crap every other day.

  • potsmoker

    but when kevin builds something using the buy low sell high rule, he doesnt run to the papers and claim that something shady is going on.

  • Såkandulæredet

    Intrade.com has the construction of Park51 before midnight 30 June 2011 @ only 30% likelihood. Not many people trading though.

  • freddynyc

    The Pomerantzes? Are these sleazy disgusting sellouts Irish?

  • Does the rag known as the Post has an issue with the owner?



    After all: The OLD OWNER SOLD IT...



    Other than the usual BS insinuations that the rag known as the Post is known for, they have nothing.

  • ddhboy

    The funny thing is that the developer in question actually owns a decent share of Newscorp stock. Of course that doesn't seem to stop them from trying to muckrack on any little detail to change the issue from an "I hate muslims" issue to a "This guy's a douche" issue.

  • stnyc

    Thank you for this post.



    There are over 300 mosques in ny. 100 of them are on manhattan island alone.



    100 mosques in manhattan.



    70% of NYers do not want this mosque at ground zero.



    70% of us.



    To call 70% of us and the families of 911 bigots is disgusting.



    A mosque is not controversial.. but the location certainly is.



    It's not going to happen.



    Too bad for the Obama's kool-aid drinkers.



    It's not happening.

  • "To call 70% of us...bigots is disgusting."



    It IS disgusting! Please stop being bigots so we don't have to.*



    * Note that I removed the 9-11 families reference because, well, we aren't the ones who keep bringing them up. I mean, it is fitting that the people opposing Park51 keep bringing them up, in a way, since it continues to show that that don't understand how groups work. Finding a person related to someone who died on 9-11 doesn't mean everyone effected by 9-11 agrees with them. Just like the hijackers on 9-11 being Muslims doesn't mean they are a representative sample of the 1.5 billion people who are also Muslim.

  • thefacts

    Who cares what the rest of the world wants.



    The people who actually work and live in that community welcome the Islamic community center, which has been in that area for decades. It is supported by every local elected official and most speakers who attended a community board meeting on it.



    Furthermore, I saw a hot dog guy, a devout Muslim, on Friday on Liberty Street, directly across the street from WTC PRAYING to Allah and facing Mecca WITHIN 100 feet of the WTC, on his prayer rug on the sidewalk.



    What are you and your fellow bigots going to do about him?

    Tell him he can't pray? Beat him up if he refuses?

  • Dwayne Hoover

    STNYC must be the one drinking the cool aid if he actually believes there are 100 mosques in Manhattan. Next time try a Google search and stop repeating nonsense you read on some idiot's blog.

  • jt10000

    Calling people bigots isn't the bad thing. The bad thing is that so many people are either bigots, or so weak in their understanding of our democracy that they think opinions about "offense" should matter.



    " the families of 911 "



    Oh, and some of you are deceptive, pretending the 9/11 victims families are uniformly against Park51.



    But to be clear, there are three types of people against Park51 - bigots (I'm guessing you're in that group), shameless politicians/media exploiting this for their own gain, and ignorant people who are being worked up by the bigots and politicians.

  • sj

    I don't understand what about this proposed community center/mosque is even remotely controversial. The muslims who worship in that building certainly had nothing to do with 9/11. So to even draw the association is ludicrous.



    Therefore the only possible reason for opposing the mosque is bigotry. There's no other plausible reason. If that makes 70% of NY'ers and the 9/11 families bigots, then I guess that's what they are. This just goes to show that the majority can quite often be wrong. Thankfully the Constitution exists to protect people against the tyranny of the majority.



    I, being an atheist, was completely indifferent to whether this thing got built or not before this ridiculous and embarrassing furor erupted. Now I'd like to see it built just to stick a finger in the eye of the bigots who oppose it.



    Unfortunately, it's probably true that it won't get built, not because of the opposition but for the far more pragmatic concern of the funds. They need something like, what, $100,000,000? And I think they've raised about $18,000 so far? Long way to go. But then again, all this free publicity they've gotten thanks to Fox News might work out in their favor as fundraising proceeds.



    What's the relevance of the number of mosques in Manhattan? Is there supposed to be a quota now? Look, whether they're mosques, churches or synagogues, they're all temples to superstition and fantasy. But Muslims, Christians and Jews can build all the mosques, churches and synagogues they want on private property that they own and tough shit to anyone who doesn't like it.

  • jt10000

    Don't fall for the lie that "the 9/11 families oppose it" -it's not true, though the bigots keep repeating it.



    *Some* 9/11 families oppose it. Some *support* it. Some probably don't have an opinion either way.



    A few of the loudest ones oppose it and are doing a good job at getting the media to think they speak for all the families, or at least are representative of all the families. Which is not true.

  • ANGRYGOD11

    By your logic, as 90% of us are right-handed, the left-handed should just leave the planet.

  • Riiiigghttt, because in the proudest of American Traditions, you think they should give into bullies and bigots.

  • JacqueMehoff

    no, thank you for your post,

    I know today is 9/11 "mosque" day but what does Pres. Obama have to do with this?

  • BillyShears

    Heaven forbid the city be denied yet another damn condo tower.

  • Jen S

    Maybe *gasp* the family wanted to do something good with the property.

  • Dwayne Hoover

    I call bullsh** on the Post. Show some proof that Glodek actually had $18 million in cash to back up the offer. Most likely it fell through when they actually looked at the financing.

    This guy is a sleazeball, as he was caught screwing over his customers by FINRA and

    then eventually sanctioned by the SEC:

    http://www.finra.org/web/groups/industry/@ip/@enf/@adj/documents/ohodecisions/p036417.pdf

    http://www.sec.gov/litigation/opinions/2009/34-60937.pdf

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