The Liberty Bond issuance represents the last of HDC's allocation. The New York State Housing Finance Agency also contributed $13.9 million from its Liberty Bond allocation to make this exciting development possible. "Beekman Tower is among HDC's most notable financings to date" according to Marc Jahr, president of the HDC. "I'm confident that this striking Frank Gehry designed building will provide a powerful impetus to the continuing transformation of Lower Manhattan into a vibrant live-work neighborhood."
The Liberty and taxable bond proceeds will be used by FC Beekman Associates, an affiliate of Forest City Ratner, to construct 904 residential units and approximately 1,500 sf of retail space. Beekman Tower will also include a separately financed ambulatory care center to be operated by the New York Downtown Hospital; a below grade 175-space parking garage; and a pre-K through 8th grade Public School to be owned and operated by the New York City Department of Education.
 Downtown |
According to a prepared release, the residential Liberty Bond program helped jump start the transformation of the financial district into a 24/7 community through projects like the Beekman Tower and has also generated significant funds for affordable housing development. The Beekman Tower Liberty Bond financing generated approximately $6 million in fees that HDC will devote to financing affordable housing. To date, HDC has constructed 467 affordable housing units using approximately $31.4 million in fees derived from previous Liberty Bond transactions.
Bruce Ratner, chairman and CEO of Forest City Ratner, says in a prepared statement that "this project could not have happened without the Support Speaker Silver, Mayor Bloomberg, Deputy Mayor Deputy Mayor Leiber, HPD Commissioner Donovan, NYC HDC President Marc Jahr, LMDC President David Emil and Chairman Avi Schick and all of the local community leaders."
The state of Downtown as a whole, will be spotlighted on May 13 at RealShare Downtown New York.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
