Municipal Bond New Issues

RE: $664,705,000*
NEW YORK URBAN DEVELOPMENT CORPORATION
SERVICE CONTRACT REVENUE REFUNDING BONDS
SERIES 2008-D1 AND 2008-D2


***WE WILL NO LONGER BE ACCEPTING ORDERS IN 2025 OR 2028***

[More:]

WE WILL TAKE ORDERS UNTIL 3PM EASTERN.

ALL ORDERS IN 2026 AND 2027 HAVE BEEN MOVED TO 2028.

WE WILL CONTINUE TO TAKE ORDERS ON THIS REVISED SCALE, RETAIL WILL HAVE FIRST
PRIORITY AND STOCK ORDERS WILL TAKE SECOND PRIORITY. PLEASE ENTER “RETAIL” OR
“STOCK” IN THE COMMENT FIELD.

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MOODY’S: NAF S&P: AA- FITCH: A+

DATED: 11/25/2008 FIRST COUPON: 07/01/2009

DUE: 01/01


TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)


01/01/2012 26,980M 4.00 % 3.87 3/8
01/01/2013 33,550M 4.00 % 4.14 1/2
01/01/2014 7,000M 4.25 % 4.33 1/2
01/01/2014 28,290M 5.00 % 4.33 1/2
01/01/2015 15,000M 4.50 % 4.52 1/2
01/01/2015 56,695M 5.00 % 4.52 1/2
01/01/2016 89,145M NOT OFFERED DURING THE RETAIL ORDER PERIOD
01/01/2017 56,975M NOT OFFERED DURING THE RETAIL ORDER PERIOD
01/01/2018 36,010M NOT OFFERED DURING THE RETAIL ORDER PERIOD
01/01/2019 70,285M NOT OFFERED DURING THE RETAIL ORDER PERIOD
01/01/2020 71,965M 5.25 % 5.38 3/4
01/01/2021 55,150M 5.375 % 5.47 3/4
01/01/2022 9,965M 5.375 % 5.50 3/4
01/01/2023 10,420M 5.50 % 5.56 3/4
01/01/2024 10,915M 5.50 % 5.62 3/4
01/01/2025 11,435M 5.50 % 5.67 3/4

01/01/2028 74,965M 5.625 % 5.75 1


CALL FEATURES: Optional call in 01/01/2019 @ 100.00




* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. New York Retail
2. National Retail


Retail Order period until 3:00PM, EDT, today, Tuesday, 11/04/08.
Please enter orders on 212-449-5090, or if available use Electronic Order Entry.
The managers reserve the right to terminate or extend the order period prior to
or later than the above mentioned time and date and to confirm bonds at their
discretion.

The compliance addendum MSRB Rule G-11 will apply.

The award is expected on Thursday, November 6, 2008.

Delivery is expected on November 25, 2008.

This issue is book entry through DTC.

Merrill Lynch & Co.
Banc of America Securities LLC
Siebert Brandford Shank & Co
Citigroup Global Markets Inc.
Goldman, Sachs & Co.
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
DEPFA First Albany Securities LLC
KeyBanc Capital Markets
Loop Capital Markets
M.R. Beal & Company
Prager, Sealy & Co., LLC
Ramirez & Co., Inc.
Raymond James & Associates
RBC Capital Markets
Roosevelt & Cross, Inc.
Wachovia Bank, National Association

By: Merrill Lynch & Co. New York, NY