Liberty Bonds to help finance DeNiro hotel

Real Estate Weekly, Nov 26, 2003

ESD Chairman, Charles A. Gargano, announced last week that a panel has recommended the use of Liberty Bonds to finance a new 80-room hotel at Greenwich and North Moore Streets, another step forward in the rebuilding of Lower Manhattan.

Actor and Lower Manhattan booster Robert DeNiro is a principal in the development company that will build the approximately 70,000 square foot hotel. The hotel, yet to be named, will rise at 377 Greenwich Street.

"The need for a new hotel shows that our initiatives to market Lower Manhattan to businesses and travelers is working," Gargano said.

"The financial services industry is staying downtown, the city's oldest law firm is staying downtown, and new businesses are investing here because Lower Manhattan is the place to be. This Hotel is a great addition to the area and increases the all-important foot traffic for local restaurants, shops and stores. I thank Robert DeNiro for all he continues to do for Lower Manhattan, and this hotel is nothing short of fantastic news for the future of downtown New York."

The New York Liberty Development Corporation authorized the issuance of up to $38.9 million in Liberty Bonds, which are exempt facility revenue bonds authorized by Congress under the Job Creation and Worker Assistance Act of 2002. The bonds are expected to be issued in mid December.

The developer of the project, 377 Greenwich LLC, is a joint venture of Robert DeNiro, Ira Drukier, and Richard Born formed in May 2003 to own, develop and operate the hotel and accompanying restaurant.

377 Greenwich LLC partner, Robert DeNiro said, "From its inception, the Govenor and his team have whole-heartedly endorsed this project. Without this help provided by Liberty Bonds it would have not been possible to bring this exciting new hotel to the downtown area."

The full-service Downtown Hotel will be constructed on a 10,000 square foot parcel of land and is anticipated to be comprised of six floors above grade and a penthouse.

Liberty Bonds are administered jointly by the State and City to finance new commercial and housing projects.