Liberty Bonds At-a-Glance

Liberty Bonds At-A-Glance:
(Last updated 11/08)

Liberty Bond Program (total allocation of $8 billion)

LIBERTY BONDS APPROVED:                        $4.691 billion
LIBERTY BONDS REMAINING:                        $3.309 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)

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

Date of Approval

Amount

Developer

Site

8/2/2006

$52 million

The National Sports Museum Project*

26 Broadway

7/23/07

     $250 million

Goldman Sachs

Battery Park City site 26

9/26/05

$1.4 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

$1,740,900,000

 

 

*Note: In September 2008, the Museum defaulted on its Liberty Bonds and has since been working to renegotiate a payment schedule. A December 9, 2008 New York Times article titled "Sports Museum Having Problems" reported the museum is not meeting its attendance targets, has laid off employees, cut ticket prices, and will no longer be open on Mondays.

New York State Liberty Development Corporation - Projects given preliminary approval

Date of LDCInducement

Amount

Developer

Site

6/14/2006

$1,672,550,000

World Trade Center Properties LLC

World Trade Center Site

Note: Together, these total over $3.4 billion, though the NYS Liberty Development Corporation had only $3.2 billion to allocate.

 

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

Date of Approval

Amount

Developer

Site

3/9/06

$50 million

Joseph Moinian

123 Washington Street

 2/5/04

     $650 million

Durst Organization

One Bryant Park

10/14/03

$80 million

IAC/InterActiveCorp. & its wholly owned affiliateHTRF Ventures, LLC

527-537 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

$1,345,800,000

 

 

 


Residential Liberty Bonds (total allocation of $1.6 billion)

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

Date of Approval

Amount

Developer

Site

6/3/04

$112.5 million

Boymelgreen DevelopersLLC.

88 Leonard St.

3/4/04

$98.8 million

Albanese Development

211 North End Ave, Battery Park City site 18B

3/4/04

$95 million

Lalezarian Developers American Property Financing, Inc.

100 Maiden Lane*

2/5/04

$138 million

Leonard Litwin Glenwood Managment Corp

10 Barclay Street

3/12/2003

$46.3 million

Zuberry Associates

213 Front Street in South Street Seaport

8/7/2002

$95 million

Leonard Litwin Glenwood Management Corp

10 Liberty Street

8/7/2002

$109.2 million

Related Companies

325 North End Avenue/Tribeca Green--Battery Park City site 19B

8/7/2002

$101.5 million**

Albanese Development

20 River Terrace, Battery Park City site 18A

State amount approved

 $796,300,000

 

 

* 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 of Initial Agreement/Approval

Maximum AmountApproved

Developer

Site

2/25/2004

$104 million*

Brack Capital Real Estate (BCRE)

90 West St.

12/4/2003

$132.5 million

RBNB Wall St. (Nathan Berman and Yaron Bruckner)

63 Wall Street

8/21/2003

$162 million**

Rockrose Development

2 Gold Street

6/4/2003

$74.8 million

Moinian Group

90 Washington Street

5/15/2006

$66.4 million

RBNB 20 (Nathan Berman and Yaron Bruckner)

20 Exchange Place

11/06

$65 million

Rockrose Development

201 Pearl Street

2/25/08

$203.9 million

Forest City Ratner Companies

8 Spruce St./60 Beekman St.

City amount approved

$808,600,000

 

 

 

* HDC's 2004 Annual Report lists the Liberty Bond amount as $101 million, but the Financing Commitment and Agreement between HDC and BCRE, and the Official Statement released for bond buyers list the amount as $104 million. 

** The 2003 Official statement lists the Liberty Bond amount as $177.5 million. This bond was refunded by bonds issued on April 7, 2006 in the amount of $162 million. . 

 

 

New York State Housing Finance Agency  – 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

 

New York City Housing Development Corporation - Proposed

 

Amount

Developer

Site

 

$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