Regarding the imbroglio at downtown development The Crest, a Curbed reader wonders if Liberty Bonds?the tax-exempt financing made available for downtown rebuilding post-9/11?may be part of the problem. (If, of course, there is a problem. We report, you decide!).
What is it with these Financial District residences? First 90 Washington had (and has) its share of problems. Now the same things seem to be happening at 63 Wall. 90 Washington was created with help from Liberty Bonds, and according to the end of this article, 63 Wall may have some help from those bonds as well. These companies seem aimed at fast turnarounds rather than solid service. The only thing that makes these apartments a luxury is their price.· $70m loan closed for 63 Wall Street [Real Estate Weekly via FindArticles]
· What Are Liberty Bonds? [newyorkbiz.com]
· Congress Extends Liberty Bonds to '09 [NYTimes]