The sale of $1.8 billion in bonds for Larry Silverstein’s 3 World Trade Center has been approved by the New York Liberty Development Corp.
They will include $1.6 billion in tax-exempt Liberty and Recovery Zone Bonds to be issued through New York’s Liberty Development Corp., a subsidiary of the state’s economic-development agency.
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A time frame for the issuance of the bonds has not yet been established, but Bloomberg cited a spokesman for Silverstein as saying that they will be sold this month.
The bonds will be secured by a mortgage on the building, tenant leases and rents and they will be issued in three different classes. Silverstein has also put up $55 million of his own money in equity for the project and another $210 million was provided by the Port Authority.
It took more than a year for Silverstein to win the approval for the bond issue due to opposition from the Port Authority of New York and New Jersey.
3 World Trade Center is replacing the building which Silverstein owned that was destroyed in the attacks of September 11, 2001. It will reach 80 stories with 58 office floors including roughly 2.5 million square feet of space. The new building is expected to be completed in 2018.
“The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future, ” New York Governor Andrew Cuomo said in a statement.