The nation’s biggest abortion business has purchased part of a building in New York City that will become its national headquarters. New city records reveal Planned Parenthood purchased a commercial condo unit at 424 West 33rd Street for $34.8 million.
According to The Real Deal, a New York City real estate news web site, Planned Parenthood originally signed a 20-year lease for 104,000 square feet of the 200,000-square-foot former industrial building that was converted into an office and condo building in 2002. The building had rented at about $35 per square foot until the abortion business purchased the commercial condo from Vectra Management Group, a real estate firm that had owned the building since 2000.
The web site indicates Planned Parenthood had been considering purchasing part of the building since it began leasing the space, because an option in its rental contract gave it the option to purchase, legal documents filed with the city show.
“The two parties had originally agreed to draft a sale contract shortly after the lease was signed, but their inability to come to an agreement on the terms of the deal led to seven years of negotiations, followed by legal proceedings, the legal documents said,” according to TRD. “Planned Parenthood left its longtime home at 810 Seventh Avenue, between 52nd and 53rd streets, to relocate to West 33rd Street about 10 years ago.”
Meanwhile, the city of New York, currently run by aggressively pro-abortion Mayor Michael Bloomberg, provided $15,000,000 in bond funding for Planned Parenthood to renovate the building.
According to the New York City Industrial Development, “Approximately $15,000,000 civic facility revenue bond transaction for the benefit of Planned Parenthood Federation of America, Inc., a not-for-profit 501 (c)(3) tax-exempt organization that provides services to, and coordinates the activities nationally of, its member affiliates in the areas of reproductive and complementary health care and education services and promotion of research and advancement of technology in reproductive health care.”
“The proceeds of the bonds will be used to finance or refinance the renovation, equipping and furnishing of leasehold improvements constituting approximately 104,000 square feet of space in an approximately 192,000 square foot building located upon an approximately 13,045 square foot parcel of land located at 424-438 West 33rd Street, New York, New York, Block 729, Lot 163, to be used in whole, or in part, by Planned Parenthood Federation of America, Inc., Planned Parenthood Action Fund, Inc., The Planned Parenthood Foundation, Inc., and Affiliates Risk Management Services, Inc., and which may be used in part by The Alan Guttmacher Institute and/or Sex Information and Education Council of the United States, and which is to be managed in part by 424 West 33rd Street Associates, L.P,” the document says. “The financial assistance proposed to be conferred by the Agency will consist of such bond financing and exemption fro. City and State mortgage recording taxes.”
The news of Planned Parenthood purchasing a new national headquarters comes after it released its new annual report showing the abortion business continues to make money despite its status as a nonprofit organization — and it receives almost half of its income from taxpayer dollars.
On December 27, the Planned Parenthood Federation of America (PPFA) released its latest Annual Report for 2009-2010. The report indicates PPFA had a total budget of $1.04 billion and an excess of revenue over expenses of 18.5 million dollars — a net profit.
The abortion business reports $513 million in current assets and $570 million in property, equipment and an endowment while showing $184 million in liabilities for buildings and other debts.
The new report also reveals 46 percent of the total PPFA budget comes from taxpayer dollars in the form of government funding. At the same time, just 21 percent of the income the abortion business brings in comes from private donors (it lists 528,000 active donors) while 31 percent of its revenue is derived from abortions “non-government health services revenue.”
The abortion business also reports spending $56 million in lobbying expenses — more than dwarfing the collective total size of some of the largest pro-life organizations that work in Washington, D.C. to lobby Congress on behalf of pro-life Americans.
In its previous annual report, covering 2009, planned Parenthood did 332,278 surgical abortions or abortions using the dangerous RU 486 abortion drug and its clinics across the nation brought in $404.9 million in revenues. Abortions dropped to 329,445 in this latest annual report and clinic income dropped to $320 million.
Using an estimate from the pro-abortion Guttmacher Institute, a former Planned Parenthood research arm that still receives funding from the abortion business for its abortion statistics and research, the average cost of an abortion is $468. Multiplying the number of abortions times the average cost and factoring that against the total income Planned Parenthood’s clinics derived, approximately $154 million of its $320 million in clinic (or 48 percent) income is derived from abortions.
Image source: The Real Deal