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 |
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