Moinian Gets His

Developer Joseph Moinian got preliminary approval for $50 million in low-interest Liberty Bonds this morning to build a hotel a little south of Ground Zero, the city’s Economic Development Corporation just announced. The amount represents a cut from the $147 million he had originally applied for last spring, but still digs into the $1.67 billion that rival Larry Silverstein originally wanted to rebuild the World Trade Center. Under the renegotiated April agreement, Silverstein and the Port Authority are dividing up responsbility for the new center, and with it the $1.62 billion Liberty Bonds that remain and which were also given a first nod this morning.

-Matthew Schuerman