Acquisition of a New York Development Site by Republic of Senegal Completed

Nov 19, 2009, 16:31 ET from Cozen O'Connor

NEW YORK, Nov. 19 /PRNewswire/ -- The Republic of Senegal and Hotel E 44th St LLC together with East 46th Street Development Company announced today that the sale of a development site on East 44th Street, New York, New York to the Republic of Senegal has closed.

The parcel, between Second and Third Avenues, will be the home of Maison du Senegal, housing the country's Mission to the United Nations as well as trade and cultural offices.

Said the Sellers, "We are hereby withdrawing our lawsuit and apologize for any unnecessary publicity this may have caused. We understand that this has been a difficult financial climate in the world and these difficulties have contributed to what, in the end, turned out to be a misunderstanding. Fortunately, it was a misunderstanding that both we and the Senegalese Government worked closely together to resolve quickly. The representatives of the government of Senegal at all times acted with integrity, in good faith and proceeded with due diligence to complete the transaction."

"We look forward to seeing the new Mission rise for the people of Senegal. We are confident that the Senegalese people will greatly advance their diplomatic aspirations through this new building. We want to extend our sincerest thanks to His Excellency Abdoulaye Diop, Minister of Finance, his Excellency Abdoulaye Diop Delegate Minister of Budget and particularly His Excellency Samuel A. Sarr, Minister of Energy , the permanent representative of the government of Senegal to the United Nations and His Excellency President Abdoulaye Wade, and for their efforts in bringing this transaction to a close. We wish the people of Senegal well!"

Said Kenneth K. Fisher, Attorney, Cozen O'Connor, a spokesman for the Republic of Senegal, "Maison du Senegal reflects a commitment to being an active participant in world affairs by maintaining a presence at the United Nations and a showcase for Senegalese cultural and business opportunities."

"Senegal is open for business and looks forward to welcoming New Yorkers to Maison du Senegal in the near future," said Mr. Fisher.

The parties stated that the closing resolved all outstanding issues related to the sale. Additional details of the building program will be announced next year.

SOURCE Cozen O'Connor