Coherence waning. Nature continues to withdraw support:
http://www.bloomberg.com/apps/news?pid=20601103&sid=aEv16urU3344
Wall Street Meditation Group Cuts Landmark Building Price 33%
By Oshrat Carmiel
Dec. 28 (Bloomberg) -- Followers of the Maharishi Mahesh Yogi have
cut the asking price for their Wall Street Center for transcendental
meditation by 33 percent, offering the landmark building for $30
million as sales of Manhattan commercial real estate plummet.
The 15,000 square foot (1,400 square meter) neo-Classical, five-story
building at 70 Broad St., two blocks south of Wall Street, was first
listed for sale in September for $45 million, according to
StreetEasy.com, a property listing service.
It is owned by the non-profit Global Country of World Peace, which
bought the Financial District property for $5.5 million in May 2004,
according to city records. The Iowa-based group used the city’s
backing in 2005 to obtain $6.2 million in financing through tax-
exempt bonds. The group uses the building to teach meditation.
“The property just underwent a spectacular renovation and is truly in
mint condition,” reads the property listing by Danielle Grossenbacher
of brokerage Brown Harris Stevens. “A flexible zoning allows
residential, office, retail and hotel use.”
Grossenbacher didn’t immediately return a phone call for comment.
The 70 Broad building was completed in 1908 and is a New York City
landmark. It was built by architects Kirby, Petit & Green and was the
headquarters for the American Bank Note Co.
The building’s lower level and first two floors are being used as
offices, according to the property listing. The top three floors are
configured as a two-bedroom, two-bathroom residences. One of the
luxury apartments inside the building is sometimes used by John
Hagelin, a board member at Global Country of World Peace, who was the
Natural Law Party’s 1996 and 2000 candidate for U.S. president.
Hagelin confirmed the planned sale of the building in September. He
is also a chairman of the Center for Leadership Performance, a tenant
at 70 Broad that teaches meditation to business professionals and
chief executives.
Hagelin didn’t immediately respond to an e-mail today seeking comment.
Dropping Values
The median sale price for Manhattan offices, rental apartments and
retail space fell 32 percent in the first nine months of this year,
with the median for office properties dropping 62 percent, brokerage
Massey Knakal Realty Services said in an Oct. 13 report. The borough
had 209 commercial property deals with an aggregate sale price of
$3.2 billion, the lowest level of transactions in the 26 years of
data compiled by Massey Knakal.
Global Country of World Peace describes its mission as establishing
world peace “by unifying all nations in happiness prosperity,
invincibility, and perfect health,” according to its tax filings.
While the group “could absolutely not be happier” with the building,
a sale would benefit the non-profit’s charitable mission, Hagelin
said in September. “Financial resources at that level would be a huge
boost to us in fulfilling our various goals,” he said.
To contact the reporter on this story: Oshrat Carmiel in New York at
ocarmi...@bloomberg.net.
