Governor George Pataki signed a measure yesterday that allows New York City to issue bonds to fund a New York Stock Exchange trading facility in Lower Manhattan.
“It’s very good news,” said Michael Carey, president of the city’s Economic Development Corp.
The city has been working out a letter of intent with the NYSE so the condemnation, demolition and construction can begin on an up to 800,000 square-foot facility for the stock exchange plus another 1.2 million square foot office tower above that which the city would own.
Frank Grasso, head of the NYSE, told reporters yesterday it is being “negotiated daily.”
Charles Gargano, chairman of the Empire State Development Corp., said, “The important thing is the step the governor took, which honors the state’s commitment to keep the Stock Exchange in Lower Manhattan, and it provides the ability to fund the project.”
