Sale of Property Positioned Queens Pastor to Gain

clipped from www.nytimes.com Sale of Property Positioned Queens Pastor to Gain David Goldman for The New York Times The Rev. Floyd Flake of Greater Allen A.M.E. Cathedral, at a fund-raiser for youth education last month, when he was honored. By RUSS BUETTNER For 25 years, the Rev. Floyd H. Flake’s Greater Allen African Methodist Episcopal Cathedral of New York successfully ran a 300-unit apartment complex for the elderly in southeastern Queens. Then, about four years ago, the church sold the project for $14 million to a for-profit partnership. Tenants received a notice in the mail, and Mayor Michael R. Bloomberg hailed the transaction as contributing to his efforts to preserve and build housing for moderate- and low-income residents. But the announcements did not reveal the identity of the new controlling owners: Mr. Flake, the Rev. Edwin C. Reed, who was then the church’s former chief financial officer, and two real estate developers, Peter G. Florey and Leonard T. D’Amico.