Empire State Development borrows $25M from Citibank for Farley air rights in Penn Plaza

Empire State Development through the entity New York State Urban Development Corporation D/B/A as borrower signed a loan agreement with lender Citibank valued at $25 million for 1 parcel, including the tax class railroads, private ownership (U6) at 441 8th Avenue in Penn Plaza. The deal closed on December 18, 2020 and was recorded on December 24, 2020.

This is a loan secured by Empire State’s interest in air rights over the Farley Building.

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