Overview
- A petition filed in state court details a $490 million deal for Lotte New York Palace to acquire the land under its hotel at 455 Madison Avenue.
- The archdiocese says $200 million would go to the 2016 Independent Reconciliation and Compensation Program, with $290 million earmarked to repay loans for earlier settlements.
- A confidential 60-day mediation has started to negotiate a potential global settlement covering about 1,300 alleged victims.
- Attorneys for many accusers criticized the church’s publicly cited $300 million fund target as premature and inadequate.
- The transaction requires New York State Supreme Court approval and follows more than $860 million in recent property and air-rights sales, including the former headquarters and St. Patrick’s Cathedral air rights.