re: #738 Spare O’Lake

The funding has allegedly not been raised yet so keep your shirt on.

Oh, it’s on. Who’s behind that word “allegedly” there? I’d like to know who’s alleging that.

re: #738 Spare O’Lake

Its sources are highly relevant and even the developer tacitly admitted this when he pledged transparency.

I’m gonna quote the NY Post on this one:

Sharif El-Gamal, the head of Soho Properties, first came forward in 2006 seeking to buy the empty building at 45-47 Park Place, said Melvin Pomerantz, whose family owned the property.

Pomerantz said El-Gamal eventually raised $4.8 million cash for 45-47 Park Place. El- Gamal paid an extra $700,000 to take over the lease with Con Ed for the building next door. The lease expires in 2071.

Basically, they’ve already purchased half, and paid for a long-term lease on the other half.