The EDC, ESDC, city and state have been working together to raise approximately $1.5 billion for a plan first announced two years ago. Not only do the plans call for a 650,000-sf trading facility, but also a 1.3-million-sf office tower. A total of five buildings had to be acquired to make way for the new stock market complex, leaving four with this deal.

City officials say there will be a relocation manager made available to the residents of 45 Wall St. on a full-time basis. This person will help them deal with being forced to move from their homes in what is still a tight residential market in the city--even if after two years of talks it came as little surprise. To ease some of the difficulty in moving in this market, the city plans to reimburse all tenants for real estate brokerage services as well as provide some compensation for moving services and other moving expenses.

Rockrose Development Corp. currently manages the building and according to its spokespeople, it will continue to do so. In fact, its CEO, H. Harvey Elghanayan released the following statement: "We believe that the City and State of New York have worked very hard to be sensitive to the needs of our tenants as they vacate 45 Wall St."

"For our part, Rockrose expects to work closely with our tenants to help them locate new housing," added Richard A. Brancato, vice president of Rockrose. He even plugged other Rockrose buildings as alternatives for the dislocated tenants. He capitalized on the opportunity to announce the opening of the company's three new luxury apartment buildings this spring--22 River Terrace in Battery Park City, 15 Cliff St. in Lower Manhattan and 200 West 26th St. in Chelsea.

GlobeSt.com has been following the story of the New York Stock Exchange facility development and will continue to bring up-to-the-minute updates, so stay tuned. For related news, click on: Securing New York's Position as Financial Capital Will Be a Costly Endeavor

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45 Wall St. Taken By Condemnation to Make Way for New York Stock Exchange

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