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THE FEDERAL HOME LOAN BANK MOVES TO SEVEN WORLD TRADE CENTER

 NEW YORK, Nov. 5 /PRNewswire/ -- Alfred A. DelliBovi, president of the Federal Home Loan Bank of New York, today announced that the Home Loan Bank will relocate its lower Manhattan headquarters within the World Trade Center. The bank is moving to the 22nd floor of Seven World Trade Center.
 "Our new lease will permit us to continue our 58-year presence in New York's financial district for another 22 years and significantly lower our overhead costs," said DelliBovi.
 Under the terms of the new lease, signed today, the Home Loan Bank will occupy the entire 22nd floor -- 46,000 square feet -- of Seven World Trade Center. The new lease runs until July 31, 2015. The bank will be the first tenant to occupy the 22nd floor. The move is expected to be completed by late spring of 1994 when the build-out of the 22nd floor will be completed.
 "The signing of a new lease is the culmination of three years of no nonsense negotiating. It ensures that we are getting world-class office space -- equipped for state-of-the-art data processing -- at a rock bottom price," added DelliBovi.
 The Home Loan Bank currently occupies the 103rd floor of One World Trade Center. The lease for these quarters expires in August 1994.
 FHLBank of New York is a $20 billion institution. It is a stockholder-owned, "AAA" rated wholesale bank providing low cost, high quality home financing products to 254 local lenders. A recent survey indicates that these products have helped to finance one out of six home mortgages in the Home Loan Bank's service area: New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.
 This transaction was coordinated and negotiated by Jeffrey A. Lichtenberg, executive vice president, and Philip Weiss, senior vice president of Peter R. Friedman, Ltd.
 Seven World Trade is owned and operated by Silverstein Properties of New York.
 -0- 11/5/93
 /CONTACT: Eric Amig of Federal Home Loan Bank of New York, 212-912-4678/


CO: Federal Home Loan Bank of New York ST: New York IN: FIN SU: RLE

CK-TA -- NY001B -- 1135 11/05/93 09:52 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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