Financial Scandal, Missed Payments Stop Construction At Greek Church Near WTC

St. Nicholas National Shrine, Mid-Construction As Of May 2017

Amid a wide-ranging financial scandal at the Greek Orthodox Archdiocese of America, construction has halted at the St. Nicholas National Shrine.

Construction firm Skanska USA issued an order to all of its subcontractors at the site to stop work immediately and remove all of their tools, saying that it was pulling out of the project after a series of missed payments by the Archdiocese, Commercial Observer reports.

The shrine is set to replace the St. Nicholas Greek Orthodox Church near the World Trade Center that was destroyed in the Sept. 11 terrorist attacks, but funds that were set aside for the project were misappropriated by church leaders to fund expenses by the GOA's spiritual leader, Archbishop Demetrios, according to an email from the organization's treasurer, Michael Psaros, to its managing council.

The GOA claims it will be undertaking sweeping changes after a full audit of its financial policies, which Psaros said "lacked even the most basic controls with respect to expenditures, vendor and travel management and other basic matters of basic corporate governance,” according to CO.

The site sits at 130 Liberty St. in Liberty Plaza Park, on land owned by the Port Authority of New York & New Jersey and leased to the GOA for $1. Designed by architect Santiago Calatrava with marble sourced from the same vein that provided the materials for the Parthenon, the National Shrine is meant to be both a church and a nondenominational grieving center, with the cost originally estimated at $35M.

Representatives from Skanska USA told CO that they anticipate resuming work when its outstanding fees are paid in full.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Taconic Partners Sheds Another NYC Life Sciences Property

Philly Has The Fundamentals. Now It Has To Reduce The Risk Of Building

Design Plans Revealed For RFK Stadium Parking Garages, Headed To Review

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

SpaceX Sues Texas AG, Grimes County Over Terafab Project Information

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders

Tishman Speyer Seeks $92M Tax Break For Next Hudson Yards Office Tower

SL Green Selling SoHo Building For $226M