New York Liberty Development (NYLDC) has granted more than $1.6bn of funds for the construction and development of Tower 3, which has been stalled for some time.
The third tower of the World Trade Center will have 80 floors of which 58 levels, around 2.5 million ft², will be used for office space.
Governor Andrew M Cuomo said: "The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future.
"This funding is crucial to keeping the construction and development of 3 World Trade Center on track and I look forward to seeing the project come to fruition."
The remaining funds required for the construction of the Tower 3 will be provided by project developer, World Trade Center LLC, an affiliate of Silverstein Properties, with additional financial assistance to come from the state, city and Port Authority.
NYLDC director Kenneth Adams said: "Today's approval of $1.6bn in funding represents a major milestone for the World Trade Center site.
"Tower 3 is an essential component to revitalising the downtown area and I thank the governor, our directors and all of our partners, for their critical and on-going leadership and support."
Port Authority executive director Pat Foye said: "Today's issuance of Liberty bonds to finance the construction of 3 WTC brings us one important step closer to completing our mission of rebuilding the World Trade Center site and is consistent with the modification to the 2010 financing agreement approved by the Board of Commissioners in June."
The tower is scheduled for completion in 2018.
Image: An artist's rendering of the 3 World Trade Center in New York. Photo: courtesy of Governor's Press Office.