New York approves $1.8 billion financing for 3 World Trade Center

October 7
4:28 AM 2014

A New York state development agency has approved up to $1.78 billion in funding for the completion of the stalled 3 World Trade Center building in lower Manhattan.

The New York Liberty Development Corp approved the funding at a board meeting on Monday. The mandate includes over $1.6 billion in tax-exempt Liberty and Recovery Zone Bonds.

It was not clear exactly when the bondswill be sold. A spokesman for developer Larry Silverstein was not reachable for comment. Goldman Sachs is the lead underwriter for the sale.

Three World Trade Center is scheduled for completion in 2018 and is planned to be 80 stories. It will include 58 office floors with about 2.5 million square feet (232,000 square meters) of office space.

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