The Archdiocese of New York says it has agreed to sell the land beneath the Palace Hotel on Manhattan’s East Side to the hotel owner for $490 million — part of a real estate haul meant to fund a global settlement for church sex abuse survivors.
The deal became public just days after Cardinal Timothy Dolan announced the archdiocese would establish a $300 million fund to compensate survivors of sexual abuse as it seeks to negotiate a settlement with more than 1,000 people who allege they were abused as minors by priests and other church officials.
“The sexual abuse of minors long ago has brought shame upon our Church,” Dolan said in a letter to parishioners, adding the church was now looking to “provide the maximum amount of compensation to the greatest number of victim-survivors, and help them heal and move forward.”
Officials confirmed part of the Palace…
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