Manhattan’s Battery Park City Authority has given Goldman Sachs the green light to build a 2 million sq. ft. office tower in lower Manhattan. The investment bank will pay a lump sum of $161 million to the BPCA by June 30, 2006, in exchange for the right to build its new headquarters on BPCA land. Goldman Sachs plans to use $1 billion worth of tax-free Liberty Bonds to finance the development.
The agreement might finally end a long-running feud between downtown landlord Brookfield Properties and the BPCA. For years, Brookfield has claimed to have development rights to the Goldman Sachs parcel, known as “Site 26.”