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Venture Receives $243M Liberty Bond Inducement

NEW YORK CITY-Construction is expected to start early next year on a massive tower project that combines 24 lower floors to be used by New York University Downtown Hospital and Pace University with a residential component. The project has received $243 million in commercial liberty bond inducement.

By Barbara Jarvie | Updated on May 20, 2004

NEW YORK CITY-In a unique arrangement, 455,000-sf of a one million-sf tower in Lower Manhattan will be used by New York University Downtown Hospital and Pace University, while the rest of the space will be taken up with residential housing. The project will receive a commercial Liberty Bond inducement of $243 million toward construction, while the proposal for the top 45 stories is currently being reviewed by New York City’s Housing Development Corp. for residential Liberty Bonds.

Forest City Ratner Cos. is developing the site with architect Frank Gehry at the helm. Also included will be 20,000 sf for retail and 80,000 sf of below-grade public parking.

Sitting adjacent to the hospital’s existing site, the facility will serve as a 25,000 sf ambulatory care unit used primarily for outpatient care. In addition, the hospital will own half of the projected 400 parking spaces.

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