|
HDC Press Releases
|
|
February
27, 2008
|
|
HDC
BOARD APPROVES
FINANCING FOR TWO
MAJOR PROJECTS
|
|
|
|
|
Beekman Tower,
West of
Financial
District
|
|
NEW
YORK, N.Y., February
27th, 2008 – Today, The
Members of the New York
City Housing Development
Corporation (HDC)
approved $680 million in
Liberty Bond and taxable
bonds for the
development and
construction of Beekman
Tower, a major new
mixed-use residential
building in Lower
Manhattan, as well as
$80 million in
tax-exempt financing
that will preserve 1,527
affordable apartments in
Brooklyn.
The Liberty Bond
issuance represents the
last of HDC’s
allocation. HDC’s board
approved the remaining
$190 million Liberty
Bonds and $476.1 million
in taxable bonds to
finance 904 apartments
in Lower Manhattan. The
New York State Housing
Finance Agency (HFA)
also contributed $13.9
million from its Liberty
Bond allocation to make
this exciting
development possible. At
76-stories, the Frank
Gehry-designed tower is
HDC’s largest financing
to date and is destined
to become a landmark.
Beekman Tower will stand
as a testament to Lower
Manhattan’s ability to
transform itself into a
vibrant live-work
neighborhood.
The site is located at
60 Beekman Street and 8
Spruce Street in Lower
Manhattan. The Liberty
and taxable bond
proceeds will be
utilized by FC Beekman
Associates to construct
904 residential units
and approximately 1,500
square feet of retail
space. Beekman Tower
will also include a
separately financed
ambulatory care center
to be operated by the
New York Downtown
Hospital; a below grade
190-space parking
garage; and a pre-K
through 8th grade Public
School to be owned and
operated by the New York
City Department of
Education.
Not only did the
residential Liberty Bond
program help transform
the financial district
into a 24/7 community,
it also generated funds
for affordable housing.
HDC was able to collect
approximately $12
million in fees
associated with the
issuance of Liberty
Bonds. These fees
assisted with the
financing of low-income
developments throughout
New York City. To date,
HDC has constructed 467
affordable housing units
using Liberty Bond fees.
HDC also approved $80
million in tax-exempt
private activity bonds
for the moderate
rehabilitation of Linden
Plaza, a Mitchell-Lama
development in Brooklyn.
Linden Plaza located at
675 Lincoln Avenue in
the East New York,
contains 1,527 low and
moderate income
apartments. This
development consists of
five mid-rise towers and
six townhouse complexes;
as well as courtyards,
plazas, retail space,
and parking garages. The
refinancing will allow
major renovations to
take place. About 70% of
the Project’s units will
be reserved for
low-income families
earning less than 60% of
the New York City area
median income (AMI). The
remaining units are
currently rented to
tenants with incomes
that exceed 60% of AMI,
but will be re-rented at
incomes no greater than
80% of AMI.
HDC’s President, Marc
Jahr, stated that, “The
Linden Plaza refinancing
will preserve over 1,500
invaluable affordable
Mitchell-Lama apartments
and contribute to the
continued stability of
the surrounding area.”
|
|
