The AP has an interesting story on the strains and divisions besetting the group of investors funding the GZ mosque:
Hisham Elzanaty, an Egyptian-born businessman who says he provided a majority of the financing to gain control over the two buildings where the center would be built, told The Associated Press this week that while he supports the concept, he needs to turn a profit.
He said one of the buildings is worth millions if it is redeveloped, and he intends to seize the opportunity. He said he would like to see the other building turned into a mosque, but if his community doesn’t come forward with enough cash for him to break even, he will turn it over to someone else.
“I’m a businessman. This was a mere business transaction for me,” said Elzanaty, a U.S. citizen who has lived on Long Island for decades, owns medical clinics in New York City and invests in real estate on the side.
[. . .]
Elzanaty said his real estate partnership, which paid $4.8 million for half the site last year, has already received offers three times that much to sell that parcel.
“Develop it, raze it, sell it,” he said. “If someone wants to give me 18 or 20 million dollars today, it’s all theirs.”
None of the other principal investors, including developer Sharif El-Gamal is willing to confirm that Elzanaty has a controlling interest in the property. But Elzanaty said he controls the long-term lease on the half of the building owned by Con-Ed, which would give him the ability to redevelop the building.






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