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November 30, 2014- Observer reports, “Silverstein Properties scored a big win in late October after selling 1.6 billion in tax-exempt Liberty Bonds, paving the way for full construction of the firm’s long-stalled 3 World Trade Center tower. The financing marks the largest-ever unrated bond deal in the municipal market.
“The availability of that capital gives us the ability to lift the building above the eighth floor, where it is today,” Silverstein Properties Chairman Larry Silverstein said at a Commercial Observer breakfast panel on Nov. 5.
The $2 billion skyscraper development at 175 Greenwich Street in Lower Manhattan is now on track to reach its 80 stories. It will total 2.8 million square feet once completed in 2018, Mr. Silverstein confirmed at the event.
Not everyone is unequivocally bullish on the new addition to Lower Manhattan’s office renaissance. Moody’s Investors Service Vice President and Senior Credit Officer Bill Fitzpatrick noted potential complications for the World Trade Center tower going forward, including a lack of stabilized income with 73 more floors to build and 80 percent more office space to lease.