Another bad day at the church

Ooops; the church of England could have lost up to £75 million on a New York property deal that’s gone sour; what a terrible shame.
What was this project? The plan was to buy up Stuyvesant Town, a large estate on the Lower East Side, and turn it from its current, rent protected and largely social housing nature (nurses, firefighters and other folk who would probably not otherwise be able to live on Manhattan) to more of the upmarket type stuff that you might expect to find there… with quite a mark up on the price I would imagine…

How can a project of such a christian nature have failed? more here…

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