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HDC Press Releases
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March
28, 2008
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Today HDC Closes on
a 904-Unit Frank
Gehry Designed Tower
in Lower Manhattan
$6 Million Will Be
Generated For
Affordable Housing
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Beekman Tower,
West of
Financial
District
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NEW
YORK, N.Y., March 28,
2008 – Today, The New
York City Housing
Development Corporation
(HDC) closed a $680
million construction
loan with an affiliate
of Forest City Ratner.
The project will use
Liberty Bond and taxable
bond proceeds for the
new construction of a
904 unit apartment tower
in Lower Manhattan
located at 60 Beekman
Street.
The Liberty Bond
issuance represents the
last of HDC’s
allocation. The New York
State Housing Finance
Agency (HFA) also
contributed $13.9
million from its Liberty
Bond allocation to make
this exciting
development possible.
“Beekman Tower is among
HDC’s most notable
financings to date”
according to Marc Jahr,
President of the New
York City Housing
Development Corporation.
“I’m confident that this
striking Frank Gehry
designed building will
provide a powerful
impetus to the
continuing
transformation of Lower
Manhattan into a vibrant
live-work neighborhood.”
The Liberty and taxable
bond proceeds will be
used by FC Beekman
Associates, an affiliate
of Forest City Ratner,
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
175-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.
“Beekman Tower will be a
fantastic addition to
Lower Manhattan, and
today’s announcement
serves as the latest
example of the ongoing
realization of Mayor
Bloomberg’s vision of
the area as a mixed-use
24/7 neighborhood,” said
Deputy Mayor for
Economic Development
Robert C. Lieber. “In
addition to the new
building itself
providing housing,
parking and a new school
Downtown, the
transaction will also
provide much-needed
funding for the creation
of affordable housing,
and I congratulate and
thank HDC for helping to
get it done.”
Not only has the
residential Liberty Bond
program helped jump
start the transformation
of the financial
district into a 24/7
community through
projects like the
Beekman Tower, it has
also generated
significant funds for
affordable housing
development. The Beekman
Tower Liberty Bond
financing generated
approximately $6 million
in fees that HDC will
devote to financing
affordable housing. To
date, HDC has
constructed 467
affordable housing units
using approximately
$31.4 million in fees
derived from previous
Liberty Bond
transactions.
Bruce Ratner, Chairman
and CEO of Forest City
Ratner, said, “It is
especially gratifying in
this economic climate to
have leading financial
institutions show this
kind of confidence in
our Beekman project.
This project could not
have happened without
the Support Speaker
Silver, Mayor Bloomberg,
Deputy Mayor Deputy
Mayor Leiber, HPD
Commissioner Donovan,
NYC HDC President Marc
Jahr, LMDC President
David Emil and Chairman
Avi Schick and all of
the local community
leaders.”
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family affordable
housing throughout the
five boroughs of New
York City. HDC is
implementing Mayor
Bloomberg’s New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing over
ten years. The New
Housing Marketplace Plan
is the largest municipal
affordable housing
effort in the nation’s
history. Our programs
are designed to meet the
wide-range of affordable
housing needs of the
City's economically
diverse population.
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