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Housing Financing Amounts to $232M

NEW YORK CITY-The city's housing agency approves financing to the tune of $232 million for the construction and rehabilitation of 552 apartments. The largest amount will go toward a project in Lower Manhattan.

By Barbara Jarvie | Updated on May 22, 2006

(To read more on the debt and equity markets, click here and to read more on the multifamily market, click here.)

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.

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