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March 29, 2008

FCR's Beekman tower finally financed; school will be a year late

Atlantic Yards Report

Despite the credit crunch, Forest City Ratner shows it can cobble together major financing from several sources, announcing yesterday that it had secured $680 million in financing for the Frank Gehry-designed Beekman Tower in Lower Manhattan.

The bonds are issued by the New York City Housing Development Corporation (NYC HDC) but are not the tax-exempt housing bonds needed to construct the market-rate and affordable rentals in the Atlantic Yards project. Rather, they are a combination of tax-exempt Liberty Bonds, aimed to revive Lower Manhattan, and taxable bonds.
Forest City Ratner had said the school planned for the site would open in 2009; now, reports the Observer, the planned opening is 2010. Note that the School Construction Authority had cited a delay in steel, while the delay in financing was more clearly to blame. FCR had previously ducked a request from Assembly Speaker Sheldon Silver regarding the timetable.


Posted by amy at March 29, 2008 9:37 AM