Report: Park 51 Developers Got Building For A Steal
How long has the Post been waiting to use this headline?
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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