Post-firestorm, Park51’s latest hurdle is cash

TRD New York /
May.May 31, 2011 10:23 AM

Park51 developer Sharif El-Gamal says he’s “hungrier than the other guys,” and when it comes to available capital for his $100 million Lower Manhattan project, that may be true. According to the Post, an IRS application recently filed by his Park51 group seeking tax-exempt status noted that the developers expect to raise $7.5 million this year. Next year, the projected contributions double to $15 million, but are still a far cry from what El-Gamal will need to get his planned Islamic cultural center, slated to go up two blocks from Ground Zero on the site of a former Burlington Coat Factory store, off the ground. Speaking on a panel earlier this month, the Soho Properties CEO said that the intense controversy sparked by his project, has given him fame and consequently, “a lot more direct access to money,” but it apparently remains to be seen whether that notoriety can translate into actual funds. “I can bring in sovereign wealth from other pockets of the world,” El-Gamal had said. [Post]


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, iStock)

The battle to rezone Soho is just beginning

The battle to rezone Soho is just beginning
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
Mayor Bill de Blasio (iStock; Getty)

Soho to be rezoned: de Blasio

Soho to be rezoned: de Blasio
421 Broome Street (Google Maps)

Soho penthouse buy sets record despite price chop

Soho penthouse buy sets record despite price chop
Sharif El-Gamal, Joseph Chetrit and 1384 Broadway (Getty; Google Maps)

Chetrit Group sues Sharif El-Gamal for unpaid rent

Chetrit Group sues Sharif El-Gamal for unpaid rent
131 Greene Street and Shopify CEO Tobi Lutke (Google Maps; Getty)

Shopify grabs Soho retail space vacated by Google

Shopify grabs Soho retail space vacated by Google
Manhattan Institute’s Kay Hymowitz and Bronx Community Board 6 district manager John Sanchez

Is gentrification a blessing or a curse? New Yorkers discuss

Is gentrification a blessing or a curse? New Yorkers discuss
560 Broadway (Google Maps)

Aritzia to take over Dean & Deluca’s former Soho shop

Aritzia to take over Dean & Deluca’s former Soho shop
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...