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34th St. Partnership raises $24M for facelift.

The 34th Street Partnership has raised $24.2 million to redesign and rebuild 28 blocks of midtown Manhattan.

The 34th Street Partnership, the Business Improvement District of the 34th Street area, is completing plans and seeking approval from various New York City government agencies for new sidewalks, curbs accessible to the disabled, lamp stanchions which will light sidewalks as well as streets, street signs, traffic signals, trash receptacles, clusters of trees, and wider and safer crosswalks.

The Grand Central Partnership, the Business Improvement District for 53 square blocks around Grand Central Terminal, has the only other privately-financed streetscape improvement program in the City.

The $24.2 million program in the 34th Street district, which stretches from Park Avenue to Tenth Avenue, generally from 31st Street to 35th Street, and which contains more than 36 million square feet of commercial space, is made possible through the second capital improvement bond issue for a Business Improvement District in New York City's history.

The tax-exempt issue, which received an A1 rating by Moody's Investors Service, was priced at yields ranging from 3.75 percent for the first maturity and 5.61 percent for the final maturity in the year 2023. J.P. Morgan Securities Inc. was the senior manager, with W.R. Lazard, Laidlaw & Mead, a minority-owned firm, and Artemis Capital Group, a women-owned firm, acting as co-managers. The bonds are financed with funds raised hy the 34th Street Partnership's special assessment on commercial property within the district's boundaries.

Herald and Greeley Squares will also be re-designed and restored. Already, as part of the first stage of the Partnership's capital improvement program begun last year, New Yorkers enjoy an illuminated Greeley Square, flooded with light beamed from high atop surrounding buildings. The Partnership has also restored and currently maintains the gardens in both of these squares, and has submitted to the New York City Department of Parks and Recreation its plans for renovation of the squares.

The 34th Street Partnership is working cooperatively with all relevant city agencies and community boards, including the Art Commission of the City of New York, the Department of Consumer Affairs, the Department of Transportation, the Department of Parks and Recreation, the Planning Commission, the Fire Department, the Landmarks Preservation Commission, and Community Boards 4, 5, and 6.
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Title Annotation:organization raises $24 million to redesign and rebuild 28 blocks of midtown Manhattan, New York; from Park Avenue to Tenth Avenue, 31st Street to 35th Street
Publication:Real Estate Weekly
Date:Sep 8, 1993
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