--- In FairfieldLife@yahoogroups.com, "wayback71" <wayback71@...> wrote:
>
> --- In FairfieldLife@yahoogroups.com, "Rick Archer" <rick@> wrote:
> >
> > http://therealdeal.com/newyork/articles/peace-palace-at-70-broad-street-buil
> > t-by-american-bank-note-company-for-sale-for-45-million-by-global-country-of
> > -world-peace
> >
>

> The location is fantastic and the building is lovely. The TMO just finished
major , major interior renovations about a year ago and the place sparkles -
they cleaned the stone facade.
>
> In general the real estate market in Manhattan is weak - down 20%. BUt
perhaps that location and price range is unaffected. I am guessing that they
are selling because the TMO feels the mortgage payments are too high and the
building is too big for their needs. I wonder if they will even have a space in
New YOrk City after this sells.
>

********

The TMO paid $5.5M in 2004(5?) and spent ~$2.2M on renovations, making the $45M
price about six times too much, maybe worse given the weak real estate market.

There is no mortgage -- they paid cash. The reason why they are selling is
because it's an embarrassment for Hagelin to keep touting the group in Fairfield
as being responsible for the market run-up which is no more. Hagelin had a
vision of being able to sit in a grand bldg in the middle of the financial
district and take credit for everything good happening in the markets correlated
to the rising numbers of meditators in the domes -- now that he can't do that
without being laughed at, the bldg has got to go, and they'll rent some small
space for a TM center.