5 World Trade Center Project Takes Major Step Forward

After a long delay, the New York State Public Authorities Control Board has signed off on the planned development of 5 World Trade Center, marking an important milestone for the project. The tower that will rise on a portion of the site of the former Deutsche Bank building at 130 Liberty Street will be constructed by the team of Silverstein Properties, Omni NY, Dabar Development and Brookfield Properties, having been awarded the contract in February 2021 according to the news release by Governor Hochul’s office. The building will include 1,200 residential units, of which one-third will be permanently affordable, 10,000 square feet of non-profit community space to be occupied by Educational Alliance, and more than 190,000 square feet of commercial retail and office space. A portion of the funding for the development will be comprised of $60 million from New York State and an additional $5 million from Battery Park City Authority’s Joint Purpose Fund. In addition, approvals for a short-term rent deferral is being sought from the Board of Commissioners by the Port Authority of New York and New Jersey (PANYNJ) to enable the transaction to proceed.

Source:    https://www.governor.ny.gov/news/governor-hochul-and-local-leaders-reveal-major-housing-breakthrough-bringing-affordable-units