Battery Park City Authority's $1 Billion Refunding Moves Closer to Done

McDonald, Michael
April 2003
Bond Buyer;4/17/2003, Vol. 344 Issue 31617, p3
Trade Publication
The one billion dollar Battery Park City Authority refunding deal, designed in part to help with New York City's fiscal woes, took another step forward after the authority selected Citigroup Global Markets Inc., formerly Salomon Smith Barney, as senior manager and J.P. Morgan Securities Inc. as co-senior manager. Timothy S. Carey, the authority's president and chief executive officer, said the structure of the deal is still being developed. The deal comes as the 92-acre area, which was created on the shore of the Hudson River in lower Manhattan in New York City, New York using the ground displaced by the construction of the World Trade Center, continues to attract residential developments. Using the federally created Liberty bond program, the New York State Housing Finance Agency recently sold 100 million dollars in tax-exempt bonds for Albanese Development Corp., which is opening a 293-unit residential rental project in the park this summer called Solaire.


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