The Global Country of World Peace has listed their Wall Street Maharishi Invincibility Center, The Global Financial Capital of New York, onto the real estate market.
Article: Wall Street Meditators Seek $45 Million for Property (Update1).
Cult critics have long suggested that the Transcendental Mediation Group's push to build "Peace Palaces" with donated funds and tax-exempt bonds was merely a real estate investment program backed by tax payer funds.
This "Global Financial Center" is still functioning to recruit and teach various TM programs in New York City's financial hub, such as their latest (inauguration pending October 9) Center for Leadership Performance.
A September 18, 2009 Bloomberg article describes the recent listing of this TMO property in New York City's financial district.
The article explains that most New York office buildings have dropped in value by 30 to 50 percent, since their peak in 2007.
Yet, this " Wall Street center for transcendental meditation is being offered for sale for $45 million, eight times more than the followers of the Maharishi Mahesh Yogi paid for it in 2004"
"The non-profit Global Country of World Peace bought the property in the Financial District, two blocks south of Wall Street, for $5.5 million in May 2004. The Iowa-based group used the city’s backing in 2005 to obtain $6.2 million in financing through tax-exempt bonds. The group uses the building to teach meditation."
“Thanks to a remarkably flexible zoning, 70 Broad Street can be used either as an office, mixed-use property or residence and is ideal for a corporation, individual, or institution,” reads the listing by broker Danielle Grossenbacher. The building was subject to “an extensive and complete renovation” this year.
Grossenbacher referred calls to Brown Harris Stevens spokeswoman Amy Gotzler, who declined to comment. Robert Roth, a spokesman for Global Country of World Peace, confirmed that the group is selling the building.
“The whole place is going great, there’s a great interest in this now,” Roth said.
One of the luxury apartments inside the building is sometimes used by John Hagelin, the Natural Law Party’s 1996 and 2000 candidate for U.S. president, Roth said. Hagelin is the chairman of the Center for Leadership Performance, the transcendental meditation program based at 70 Broad that is geared toward CEOs and business professionals.
Roth said the center was formerly known as the “Maharishi Invincibility Center,” while the Web site refers to it the “International Center for Invincible Defense.”
Meditation classes at the Broad Street location cost between $750 to $1,500 for a one-hour-a-day program that spans four days, Roth said.
Global Country of World Peace benefited from a city economic development program that allowed non-profits to use triple tax-exempt bonds to help pay for capital projects."
The full Bloomberg article, September 18, 2009 :
Wall Street Meditators Seek $45 Million for Property (Update1)