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Fancy NYC Real Estate Not Paying Off for Vatican

Finally, a local real estate angle on this pope story! CNBC takes a look at the considerable financial challenges facing the new pontiff, noting, "The Catholic Church has numerous assets, including a vast amount of real estate. It owns more land globally than any other organization on the planet, but trophy properties like Saint Patrick?s Cathedral in New York City produce little income, cost a considerable amount of money to maintain and will certainly not be 'flipped' for a profit." One suggestion: Use the assets to back bonds, says WSJ reporter Gabriel Kahn. C'mon, we can do better than that! His Holiness, Barbara Corcoran. Barbara Corcoran, His Holiness.
· Church finances a challenge for pope [MSNBC]