(DNAINFO) Gustavo Solis | November 24, 2015 — The financially struggling Abyssinian Development Corporation has made more than $100 million from selling off part of its real estate portfolio since 2006, city records show.
The majority of the sales have come in the last four years, after the Abyssinian Baptist Church’s real estate and social services arm stopped filing mandatory federal financial disclosure forms. In 2014, it sold two buildings — the Renaissance Ballroom and the Pathmark Building — for more than $50 million in two separate deals.
The property sales come at a difficult time for ADC. The Rev. Calvin Butts, longtime pastor of Abyssinian Baptist, claims ADC is so cash-strapped it cannot afford to pay its employees. Tenants have called ADC a “slumlord,” and the City Council speaker has accused it of “throwing this community under the bus.” The city recently froze $3 million in contracts, and the state’s attorney general is investigating its finances, according to the Daily News.