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. When has the TMO ever fulfilled any one of it's various goals, I have to ask? "Love will swallow you, eat you up completely, until there is no `you,' only love." - Amma
--- On Tue, 12/29/09, Vaj <vajradh...@earthlink.net> wrote: From: Vaj <vajradh...@earthlink.net> Subject: [FairfieldLife] Get your NYC TM property cheap! To: FairfieldLife@yahoogroups.com Date: Tuesday, December 29, 2009, 9:42 AM 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.
