The archdiocese will sell the land of the luxury hotel for a $490 million settlement fund.
Amid the Archdiocese of New York’s negotiations relating to approximately 1,300 instances of alleged child sex abuse, the archdiocese said that it will sell the land of the Lotte New York Palace hotel for $490 million to service a settlement fund.
As reported by the Gothamist, the archdiocese, which has an extensive property portfolio, will sell the land to cover the $300 million it has agreed to set aside for people who have accused priests and other church staff of sexual abuse.
Not all of the money from the sale will go to the fund, however, as some of the money will pay off loans that the archdiocese took out for previous settlements.
The news comes not long after the archdiocese announced the sale of the former archdiocesan headquarters last year, of…
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