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NEW YORK CITY-The New York City Housing Development Corp, approved $232 million in bond financing for the construction or preservation of 552 apartments in four buildings in Manhattan, Brooklyn and the Bronx. In the largest deal, the agency approved $210 million in Liberty Bonds to finance the conversion of 20 Exchange Place in Lower Manhattan. The 56-story tower will be converted from offices to 366 apartments.

The group approved the use of $7.97 million in tax exempt bonds to finance the rehabilitation of two 70-year-old, six-story apartment buildings containing 83 apartments at Grand and Tremont avenues in Morris Heights in the Bronx. The two buildings, 1971 and 1975 Grand Avenue, will be purchased by a company controlled by Mill Plain Properties Inc., and Omni New York LLC, a development corporation whose principals are former New York Met Mo Vaughn and Eugene Schneur.

Previously, the team worked together toward the rehabilitation of four developments for low-income families. One project was Grace Towers, two buildings containing 168 apartments at Pennsylvania and Pitkin avenues in East New York.