The New York City Industrial Development Agency has given tentative approval for the Moinian Group to get $50 million in Liberty Bonds for its mixed-use project at 123 Washington Street in Lower Manhattan.
Daphne Viders, a spokesperson for The Moinian Group, which is headed by Joseph Moinian, told CityRealty.com this afternoon that the 53-story tower will have 220 hotel rooms and 180 residential condominium apartments.
She said that the developer is hoping to finalize a deal with a partner for the hotel "in the next few weeks" and that construction would begin soon thereafter.
The Moinian site is south of Ground Zero and adjacent to the Deutsche Bank Building, which is in the process of being demolished because it was severely damaged in the terrorist attacks of September 11, 2001.
The $240 million project has been designed by Gwathmey Siegel & Associates and a new rendering of the slender tower is shown at the right.
Congress created the Liberty Bonds program in 2002 and it authorized New York State and New York City to each issue $4 billion in bonds with $1.6 billion for residential rental projects and up to $2 million for commercial projects outside the Liberty Zone below Canal Street.
With the recent allocations, the Liberty Bonds program is now fully earmarked.
Liberty Bonds have helped finance 13 residential buildings with 4,468 market-rate units and two more with about 500 apartments are still waiting to be approved. About $650 million of the bond are being used for the Durst Organization's dramatic new Bank of American building designed by Fox & Fowle at One Bryant Park in midtown, about $80 million is helping fund the Frank O. Gehry-designed InterActive Corporation building on West 18th Street and West Street, about $1.7 billion has been earmarked for a new building in Battery Park City for Goldman Sachs, an investment bank.
The remainder of the Liberty Bonds are allocated to the redevelopment of the former World Trade Center site at Ground Zero and to a couple of other small projects in Lower Manhattan.
Daphne Viders, a spokesperson for The Moinian Group, which is headed by Joseph Moinian, told CityRealty.com this afternoon that the 53-story tower will have 220 hotel rooms and 180 residential condominium apartments.
She said that the developer is hoping to finalize a deal with a partner for the hotel "in the next few weeks" and that construction would begin soon thereafter.
The Moinian site is south of Ground Zero and adjacent to the Deutsche Bank Building, which is in the process of being demolished because it was severely damaged in the terrorist attacks of September 11, 2001.
The $240 million project has been designed by Gwathmey Siegel & Associates and a new rendering of the slender tower is shown at the right.
Congress created the Liberty Bonds program in 2002 and it authorized New York State and New York City to each issue $4 billion in bonds with $1.6 billion for residential rental projects and up to $2 million for commercial projects outside the Liberty Zone below Canal Street.
With the recent allocations, the Liberty Bonds program is now fully earmarked.
Liberty Bonds have helped finance 13 residential buildings with 4,468 market-rate units and two more with about 500 apartments are still waiting to be approved. About $650 million of the bond are being used for the Durst Organization's dramatic new Bank of American building designed by Fox & Fowle at One Bryant Park in midtown, about $80 million is helping fund the Frank O. Gehry-designed InterActive Corporation building on West 18th Street and West Street, about $1.7 billion has been earmarked for a new building in Battery Park City for Goldman Sachs, an investment bank.
The remainder of the Liberty Bonds are allocated to the redevelopment of the former World Trade Center site at Ground Zero and to a couple of other small projects in Lower Manhattan.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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