N.Y.'s ESDC Plans $155 Million Deal for Manhattan Hub

O'Brien, Elizabeth
February 2005
Bond Buyer;2/28/2005, Vol. 351 Issue 32079, p4
Trade Publication
The article reports that bond proceeds will finance construction, and the deal will coincide with building needs, officials said. Facade work on the building is scheduled to begin this spring or summer, with heavy construction starting later in the year. Officials estimate the project will cost about $900 million, including the $230 million the state will pay the U.S. Postal Service to buy the building, which was built in 1914. ESDC chairman Charles A. Gargano said last week that the project has overcome numerous and varied setbacks that have plagued it over the years, including the withdrawal in 2004 of the near bankrupt Amtrak from the undertaking.


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