"A spokesperson for the archdiocese told amNewYork Law that the sale of its 455 Madison Ave. property to Lotte New York Palace, its long-term tenant, would generate funds to compensate victims, the majority of whom filed claims in 2020 when the state's Child Victims Act opened up a temporary window extending the statute of limitations on sexual assault."
"[T]he Archdiocese of New York has been working with victim-survivors and their attorneys on a global settlement, a negotiated agreement to secure compensation for victim-survivors with the help of a neutral third-party mediator, the spokesperson said in a statement. Throughout, our goal has been to provide the maximum amount of compensation to the maximum number of victims, and the sale of this land is our latest effort to generate funds that can be used for that purpose."
The Archdiocese of New York submitted paperwork to finalize the sale of 455 Madison Ave. to long-term tenant Lotte New York Palace for $490 million. Proceeds from the sale are intended to help fund a global settlement being negotiated for about 1,300 people who accused priests and staff of sexual assault. Most claimants filed in 2020 after the Child Victims Act temporarily extended the statute of limitations. The archdiocese previously sold 1011 First Ave. for $103 million to help fund payments. The church will split sale proceeds between repaying prior settlement loans and the new settlement fund while mediation continues.
Read at www.amny.com
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