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Liberty Bonds At-A-Glance:
(Last updated 08/23/06)

Liberty Bond Program (total allocation of $8 billion)

LIBERTY BONDS APPROVED:                        $4.647 billion
LIBERTY BONDS REMAINING:                        $3.353 billion

Geographic restrictions: Up to $2 billion can be allocated outside the Liberty Zone. However, rental housing and public utilities can only be financed within the Liberty Zone.

Use restrictions: Rental housing -- Up to $1.6 billion; Retail -- Up to $800 million; Commercial real estate or public utilities -- At least $5.6 billion


LIBERTY BONDS – Commercial (total allocation of $6.4 billion, including commercial real estate, retail and public utilities)

COMMERCIAL $ APPROVED:                        $3.06 billion

COMMERCIAL $ REMAINING:                        $3.340 billion

New York State Liberty Development Corporation (allocation of $3.2 billion) - Approved

Date

Amount

Developer

Site

8/2/2006

$57 million

The National Sports Museum Project 26 Broadway
9/26/05 - final approval  additional        $650 million Goldman Sachs Battery Park City site 26

9/7/04 * preliminary approval only

$1 billion

Goldman Sachs Battery Park City site 26 (West Street between Vesey and Murray)
11/13/2003

$38.9 million

Robert De Niro & Ira Drukier 377 Greenwich Street
Total

$1.746 billion

   

New York City Industrial Development Agency (allocation of $3.2 billion) – Approved

Date

Amount

Developer

Site

3/9/06 (proposed) $50 million Joseph Moinian 123 Washington Street
11/8/05 (proposed) $3.345 billion World Trade Center Properties LLC (an affiliate of Silverstein Properties) World Trade Center site and 130 Liberty Street
 

 

 

$18 million for RETAIL projects at the base of RESIDENTIAL buildings financed with Liberty Bonds

Zuberry Associates, Brac Realty, Rockrose Development Front Street, 90 West Street, 2 Gold Street

2/5/04

$650 million

Durst Organization

One Bryant Park

10/14/03 $80 million IAC/InterActiveCorp. & its wholly owned affiliate HTRF Ventures, LLC 535 West 18th Street (11th Avenue) Manhattan

1/14/2003

$475 million (increased from original $400 million in January 2005)

Larry Silverstein

7 World Trade Center

9/9/2002

$90.8 million

FC Hanson

Atlantic Terminal, Brooklyn

Total $1.296 billion    

 

New York State Liberty Development Corporation (allocation of $2.8 billion) -

Projects given preliminary approved but unlikely to close

Date

Amount

Developer

Site

12/11/2003

 

$400 million

NOTE: LDC sold taxable bonds for this project and may refinance with Liberty Bonds at a later date.

Astoria Energy LLC Astoria

4/24/2003

$10 million

  South Street Seaport convention center

11/4/2002

$145 million

BFP Tower C Co. LLP 3 World Financial Center

New York City Industrial Development Agency -- Proposed but unlikely to close

 

Amount

Developer

Site

Given preliminary approval on 5/20/04

NOTE: This deal fell apart after Pace University withdrew from negotiations. Future status of site currently unclear

$243 million

Forest City Ratner Spruce and Beekman (same project is seeking Lib. Bonds for housing)

Requested, but never given preliminary approval

Approx. $150 million

Forest City Ratner

Times Square (Proposed new New York Times building)

 


Residential Liberty Bonds (total allocation of $1.6 billion)

HOUSING $ APPROVED:                        $1.6 billion
HOUSING $ REMAINING:                        $0

New York State Housing Finance Agency (allocation of $800 million) – Approved

Date

Amount

Developer

Site

6/17/04 $112.5 million AI Properties and Developments (USA) Corp. and Boymelgreen Family LLC. 88 Leonard St.
3/3/04 $98.8 million Albanese Development N End Ave. between Murray and Warren, BPC
3/2/04 $95 million Lalezarian Developers 100 Maiden Lane*
1/20/04 $135 million Leonard Litwin 10 Barclay Street

3/12/2003

$38.3 million

Zuberry Associates

Front Street in South Street Seaport

8/14/2002

$95 million

Leonard Litwin

10 Liberty Street

8/14/2002

$110 million

Related Companies

Tribeca Green--Battery Park City North site 19B

8/14/2002

$101.5 million**

Albanese Development

20 River Terrace, Battery Park City

State amount approved

 $786.1m

NOTE: Adjustments in amounts sold may be necessary to account for the $800 million cap in authorization.  

State amount remaining

 $13.9m

 

 

* 100 Maiden Lane formerly housed the Cadwalader Wickersham & Taft headquarters; the firm is moving from this location to the World Financial Center, according to the Bond Buyer.

** Originally approved at $100 million - additional bonds authorized 1/21/04.

New York City Housing Development Corporation (allocation of $800 million) - Approved

Date

Amount

Developer

Site

2/2004 $101 million Brac Realty Capital 90 West St.
12/4/2003 $132.5 million Nathan Berman and Yaron Bruckner 63 Wall Street

8/21/2003

$178.5 million

Rockrose Development

2 Gold Street

6/4/2003

$77.5 million

Moinian Group

90 Washington Street

1/2005 $131.4 15 William LLC NW corner of William & Beaver Streets
5/2006 $210 million Nathan Berman and Yaron Bruckner 20 Exchange Place (conversion)
City amount approved $830.9 million    

City amount remaining

 $0 

NOTE: projects originally proposed for state-level bonds may draw on remaining city pool

 

 

 

New York State Housing Finance Agency (allocation of $800 million) – Proposed

Date

Amount

Developer

Site

2/2004 $81 million Joseph Moinian and Abraham Leser 18-20 West St.
12/2003 $107.9 million The Related Cos Tribeca Green Housing Project, Battery Park City
NOTE: This deal fell apart after Pace University withdrew from negotiations. Future status of site currently unclear.

$131.4 million

Forest City Ratner Spruce Street (across from Pace University)

 

New York City Housing Development Corporation - Proposed

 

Amount

Developer

Site

 

$175 million

Rockrose

Pearl Street

 

$145 million

The Witkoff Group

10 Hanover Square (between Pearl & Water)

 

$200 million

Jack Resnick & Sons

West Street (between Chambers & Warren)

 

$80 million

Cammeby's Mngmt Co./Witkoff Group

233 Broadway

 

$45 million

Cammeby's Mngmt Co.

3/9 Beekman Street

NOTE: On July 21, 2003, U.S. Department of Housing and Urban Development (HUD) Secretary Mel Martinez joined Gov. Pataki and Mayor Bloomberg proposed that $50 million in Community Development Block Grants (controlled by the Lower Manhattan Development Corporation) would subsidize approximately 300 moderate-income units in future Liberty Bond developments. The LMDC released a partial action plan for public comment (latest draft January 22, 2004) but has not yet submitted a draft to HUD for final approval.