There's been a lot of news this week on the Aqsa mosque just below 116th Street (at FDB/8th Avenue) and today's New York Times feature a story on imam Souleimane Konaté. As a spiritual and community leader, the imam guides over 1,200 Harlem congregants in prayer and everyday life issues. Mr. Konaté founded the mosque in 1996 so that immigrants could have services in their own language. The reported efforts of trying to raise the funds to move the mosque to a larger space just a block away is brought up but the financial details are still vague. As a reader pointed out recently, the new building in question's asking price recently was reduced to $1.85 million from the original $2 million that has been quote in the past:
LINK
After reading the article, it's now clear that the major reason congregants are not just worshipping at the area's other larger mosque is the fact that services are not in French (which is the language of most of the West African nations). Read more in the New York Times:
LINK. Photo courtesy of James Estrin
Not to be a pedant (oh, ok, I am a proud pedant) but if I learned anything from a more than decade long relationship with an Ivorian, French is A language of West Africa. There are many many ethnic languages—you hear Wolof on 116th Street all the time which is spoken by the Senegalese who make up the majority of the West African population along the 116 corridor.
ReplyDeleteIn any event good luck to them. One can’t underestimate the importance of a church or mosque to recent immigrants assimilation to a new culture.
I would be sad to see this place go from 116th st. I like passing by and seeing these guys set up with their stands outside. Definitely adds a bit of diversity to the area that will be sorely missed if they depart. Can just imagine them shutting up shop and Duane Reade moving in (or something equally as horrific).
ReplyDeleteThey are just to large a group to be in that space. At times it is impossible to move around the area on that side of the street and while i clearly respect everyone's right to worship doing so on the sidewalk is not really right.
ReplyDeleteAnd we all know what will eventually happen anyway, the owner will knock down and build another rental/condo building.
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ReplyDeleteDid some more digging. Here is a real estate timeline of 2132-2136 8th Ave, compliments of ACRIS:
ReplyDelete1980: Following a complex chain of mortgage foreclosures and repossessions in the preceding decade, the property (2132-2136 8th Ave) is among a number of assets frozen by the federal government as part of a major narcotics trafficking case.
1985: The property is seized by the City of New York in tax foreclosure proceedings.
1988: City of New York sells the property to Amin Ijbara Eqty Corp for $500,000 (with a $325,000 mortgage from the city).
1998: Two tax liens against the property (totaling $39,516.24) are among several thousand such liens (totaling nearly $83M) sold off by the City to private investors. The liens are assigned to the Bank of New York the next year.
2004: Amin Ijbara Equity Corp takes out a $1,400,000 private mortgage on the property, satisfying what remains of the City mortgage from 1988. The Bank of New York liens are discharged several months later.
11/6/2006: Amin Ijbara Equity Corp sells the property to Homeside Development Corp for $3,650,000.
2/6/2007: Homeside Development Corp transfers the property to 2136 Frederick Douglass Boulevard, LLC (an entity it formed).
***
Logical question: In light of the above, why doesn't the mosque already have at least $2M in net proceeds from its November 2006 property sale?
Next logical question: Why isn't the NYT (or anyone else, such as the donors from whom they are seeking support) asking them *that* question?
These guys reaped a $2M+ windfall by selling near the top of the real estate market. And now they're claiming poverty and the need to raise $2M in small donations to purchase a new space that now has a $1.85M ask? Something doesn't add up.
It's worth noting that as of March 1, 2004, the mosque's monthly payment on the $1.4M mortgage was $8,200 (at a fixed interest rate of 5.0%). They traded away that fairly secure position by selling the property -- in exchange for a $2M+ windfall that apparently vanished in short order.
ReplyDeleteWhile we're at it, let's not ignore the $1M+ in net proceeds that were received from the mortgage in 2004. The mosque realized a capital gain of more than $3 million in the span of just a few years.
Even though all of this is (or should be) public knowledge, all we get are sob stories about how the mosque is being "priced out" of the neighborhood:
http://www.nydailynews.com/ny_local/bronx/2009/02/01/2009-02-01_rent_increase_puts_storefront_bronx_mosq.html
No doubt the West African community in question has been screwed over by the mosque's leadership, and it's probably a safe bet that the pattern will continue into the future. If the New York Times really were committed to doing journalism in the public interest, perhaps they would work to expose what's really happening.
Just a thought...
A few more wrinkles: It would appear from NYS court records that the contract for the 2006 sale to Homeside Development Corp was actually signed in *2003.*
ReplyDeleteAmin Ijbara tried to walk away from the sale contract *and* hold on to the down payment cash that one of their attorneys had rather brazenly released into their account from escrow. After protracted litigation, a judge finally ordered them (in quite harsh terms) to close on the sale, pay fines for their attorneys' misconduct, and reimburse all of Homeside's legal expenses.
So, there's that. Presumably the balance of the 2004 mortgage proceeds went into the litigation. The closing in November 2006 happened under court order, but the mosque should still have come away with net proceeds in the range of $2M.
I think I'm done diving down this particular rabbit hole for now -- but I hope it's of interest to someone out there.
very interesting and thanks for the research.
ReplyDeleteThanks for checking into this. Definitely sounds fishy...
ReplyDeleteCBR - you should send this info to the ombudsman at the NY Times.
ReplyDeleteI hear a 11 story building awaits. Trucks on sidewalk last drilling to check the foundation. Not sure on timeframe. The construction guys said Ty building will be demoed.
ReplyDelete