Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

NEW YORK CITY-The Empire State Development Corp. has given the go ahead on additional funding for a Goldman Sachs plan for a new headquarters in Lower Manhattan. Last week, sources said the financial powerhouse planned to move forward with a two-million-sf home on Site 26.

Goldman has yet to make it official, but so far has a financing package of approximately $1.6 billion in place. Already approved is $1 billion in Liberty Bond financing to go toward development costs. When the headquarters effort was announced nearly a year ago, the financial arrangements included $13.4 million in sales tax exemptions, Con Edison energy discounts worth an estimated $10.3 million, as well as $25 million in Job Creation and Retention Program grant funds.

The project, which is estimated to cost nearly $2 billion, would be the first development of headquarters space in Lower Manhattan in 16 years. The site is expected to house headquarters and front office staff, including investment banking, commodities trading and related operations. In April, the firm said it was reconsidering those plans. The state has changed plans to construct a traffic tunnel on West Street that would have veered traffic right in front of the site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.