The Archdiocese of New York will sell the land beneath the luxury Lotte New York Palace hotel to the hotel\u2019s owner for a colossal $490 million \u2014 to fund a settlement with survivors of church sex abuse.<\/p>\n
News of this deal came mere days<\/a> after the Archdiocese agreed to negotiate a global settlement to compensate roughly 1,300 people who have accused priests and staff lay members of child sex abuse \u2014 adding it would raise $300 million to cover the costs.<\/p>\n A representative for the hotel, at 455 Madison Ave., did not immediately respond to The Post\u2019s request for comment. The land is among the most valuable pieces of the Archdiocese\u2019s property portfolio.<\/p>\n A portion of this land sale will go to the fund, whereas the remainder would be destined to pay loans taken out for previous settlements. Another $100 million would come from the 2024-announced sale of the former archdiocesan headquarters at 1011 First Ave. That property, at 56th Street on the far East Side, will give way<\/a> to residences.<\/p>\n Cardinal Timothy Dolan. Stephen Yang<\/p>\n The deal is for the land beneath the iconic hotel, which is among the Archdiocese\u2019s most valuable assets. David McGlynn<\/p>\n The hotel stands on Madison Avenue on the East Side. David McGlynn<\/p>\n Selling real estate \u2014 with other assets including land in upstate New York \u2014 is just a portion of raising the funds. The Archdiocese will also lay off staff and reduce its operating budget by 10%.<\/p>\n