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Apartments, Islamic Museum to Be Built On Site of Failed Ground Zero Mosque


Apartments, Islamic Museum to Be Built On Site of Failed Ground Zero Mosque

NEW YORK - MAY 25:  Manhattan borough president Scott Stringer gives a press conference in front of a  proposed site for a mosque two blocks from Ground Zero in lower Manhattan May 25, 2010 in New York City.  The plan to build the 15-story, $100 million mosque -- which is so close to the site of the Sept. 11 terrorist attacks that debris from one of the hijacked planes smashed through the roof of the existing building there -- is surrounded by controversy, and politicians and activists are preparing on both sides of the debate.  (Photo by Chris Hondros/Getty Images)

Chris Hondros/iStock

The developer of the failed Ground Zero Mosque has nailed down “Sharia-compliant financing” for a new, luxury condominium tower and Islamic cultural museum on the same site, he and his banking partners said Wednesday.

The $174 million dollar project features a three-story Islamic cultural museum at 51 Park Place and 48 high-end residential condos in a 43-story tower at 45 Park Place in the Financial District.

The “Sharia-compliant” financing means the deal complies with complex Islamic laws that govern lending and borrowing, including a prohibition against accepting interest or fees for loans.

Manhattan developer Sharif El-Gamal’s 2010 plan for a 15-story Islamic cultural center sparked protests from opponents who dubbed it the “Ground Zero Mosque,” although it was four blocks away.

He abandoned that plan in 2011 and there has been little apparent opposition to the smaller museum or the development itself.

The project now includes two multi-story penthouses on the top four floors along with a pool, gym and kids’ playroom.

The deal, finalized Tuesday, was funded by the London branch of Malayan Banking Berhad.

The project was designed by Michel Abboud of SOMA Architects, along with Ismael Leyva Architects, and will include a 2,821 square-foot public plaza, green space and a retail shop.

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