Jan
13
Booming Tribeca Real Estate Saves New York Law Bonds From Junk
By$139 million muni deal wins Moody’s investment grade rating
It turns out the decision 50 years ago to locate New York Law School in Manhattan’s Tribeca neighborhood might just bolster the institution’s finances for the future.
The private school, founded in 1891, sold $139 million of tax-exempt debt through the Build NYC Resource Corp. on Tuesday at lower than initial yield levels, with investor demand more than four times the amount of securities sold. Moody’s Investors Service rated the bonds Baa3, the lowest investment grade. The prior obligations that’ll be retired with the proceeds were deemed junk. The higher rank for the deal stems from a mortgage pledge on one of its buildings, which is worth an estimated $170 million…
Booming Tribeca Real Estate Saves New York Law Bonds From Junk
