Update: Ground Zero Mosque

Posted: Sep 09, 2010 8:28 PM

As Guy mentioned in his earlier blog post, a top Ground Zero Mosque investor called Donald Trump's offer to buy the property a cheap stunt for publicity. However, yesterday the NYDailyNews reported that top "moneyman" Hisham Elzanaty would be willing to sell the property for "the right price." Trump was simply taking him up on his own offer. So what is the right price when Trump offered 25 percent on top of the previous selling price in one of the worst real estate markets ever? Or is this really about something else?

One of the key moneymen behind the proposed Ground Zero Islamic center said he'd abandon the controversial project and sell the site - if a buyer met his asking price.

Hisham Elzanaty, an Egyptian-born businessman who lives on Long Island, said he provided most of the funding for the two buildings that will house the center, and supports a mosque being built a few blocks north of the former World Trade Center.

But he now says he could sell the buildings - potentially worth millions - if the community doesn't come up with enough cash to build the mosque.

"I'm a businessman. This was a mere business transaction for me," Elzanaty told The Associated Press.

"Develop it, raze it, sell it," he said. "If someone wants to give me 18 or 20 million dollars today, it's all theirs."