The Archdiocese of New York will sell the land beneath the luxury Lotte New York Palace hotel to the hotel’s owner for a colossal $490 million to fund a settlement with survivors of church sex abuse.
News of this deal came mere days 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. The sale would raise $300 million to cover the costs.
A representative for the hotel, at 455 Madison Ave., did not immediately respond to The Post’s request for comment. The land is among the most valuable pieces of the Archdiocese’s property portfolio.
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