Backers Of NYC Islamic Center Appear Divided

The conficts raise questions about the future of the controversial project

NEW YORK — The group of Muslims planning to build a 13-story Islamic center and mosque near ground zero appears plagued by divisions that raise questions about the future of the project, with one major investor saying he is prepared to sell some or all of the site if the price is right.

Hisham Elzanaty, an Egyptian-born businessman who says he provided a majority of the financing to gain control over the two buildings where the center would be built, told The Associated Press this week that while he supports the concept, he needs to turn a profit.

He said one of the buildings is worth millions if it is redeveloped, and he intends to seize the opportunity. He said he would like to see the other building turned into a mosque, but if his community doesn't come forward with enough cash for him to break even, he will turn it over to someone else.

"I'm a businessman. This was a mere business transaction for me," said Elzanaty, a U.S. citizen who has lived on Long Island for decades, owns medical clinics in New York City and invests in real estate on the side.

Representatives of some of the project's backers said they have just started trying to raise the estimated $100 million needed to build the center and the millions more required to run it.

Elzanaty said his real estate partnership, which paid $4.8 million for half the site last year, has already received offers three times that much to sell that parcel.

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

GO HERE to read more.