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Old Posted Dec 22, 2005, 4:47 AM
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Moinian Group plans condo tower near Ground Zero





21-DEC-05

The Moinian Group is hoping to build a 53-story mixed-use tower one block south of Ground Zero at 123 Washington Street that would include 180 residential condominium apartments and 220 hotel rooms.

It applied to the New York Industrial Development Agency last April for $147 million in Liberty Bonds for the project.

Daphne Mayer Viders, a spokesperson for the Moinian Group, told CityRealty.Com today that the application is still pending and that a decision from the agency is expected soon.

Ms. Viders indicated that if the funding from the agency is not forthcoming, the developer plans to proceed with a hotel component, but she added that the configuration of the project might be reduced.

The agency has also received an application from the Silverstein Group for all of the available Liberty Bond financing for his redevelopment of the former World Trade Center site and recently Governor Pataki said that at least half of it would go to Mr. Silverstein’s project.

Mr. Silverstein recently announced that Sir Norman Foster would design a second commercial tower at the site where the Freedom Tower is planned.

In a statement released by the Moinian Group, Joseph Moinian, the group’s chief executive officer, declared that he wants “nothing more than to see Larry Silverstein and Silverstein Properties succeed in developing the World Trade Center site,” adding that he had “no doubt that he will get this done.”

He noted that Lower Manhattan currently has only 2,500 hotel rooms and “desperately needs additional hotel rooms.”

The Moinian project, now in excavation, is adjacent to the south side of the former Deutsche Bank Building, which is in the process of being demolished. The Deutsche Bank skyscraper was severely damaged in the terrorist attacks of September 11, 2001 that demolished the World Trade Center.

The hotel portion of the Moinian project will occupy the lower 25 floors of the planned 53-story building, which is being designed by Gwathmey Siegel & Associates.

Ms. Viders said that the $240 million project is ready to start and could be completed in 2007. Tishman Construction is committed to the construction of the building. The Singer & Bassuk Organization is providing financial consultation with additional funding backed by Starwood Capital.


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