The Catholic Archdiocese of New York has agreed to sell the land it owns beneath the historic Lotte New York Palace Hotel for $490 milliont o help pay survivors of clergy sex abuse, the Christian Post website reports today (Dec.19, 2025).
The agreement comes a wek after Cardinal Timothy Dolan announced plans to sell the real estate to pay child sex abuse survivors in the archdiocese.
When it purchased the building in 2015 for $805 million from New York City--based Northwood investors, the company had o rent the land from the archdiocese through renewable 25--year leases.
In a letter to the fqithful on Dec. 8, Cardinal Dolan announced that the archdiocese would seek to raise more than $300 million through the sale of "significant real estate assets" to pay more than 1,000 sex abuse survivors in a "global settlement."
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