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The New York City Housing Development Corp. has scheduled a public hearing for Nov. 24 on the proposed sale of $110 million in Liberty bonds for a group redeveloping 90 West Street in lower Manhattan.
The public hearing will bring the deal a step closer to sale in the municipal market. It still requires final approval from the HDC board, which agency spokeswoman Tracy Paurowski said will not happen before the end of this year, because the project is not "far enough along." When it does come to market, Bear, Stearns & Co. will be lead manager, Paurowski said, and HSBC Bank USA will provide liquidity support.
Brack 90 West Street LLC is the proposed developer of the project. The limited-liability company is 50% owned by Brack Capital Real Estate, a New York City developer that is affiliated...