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February 23, 2008
Plan to Rebuild Penn Station Area May Be Close to Failure
The New York Times
by Charles V. Bagli
The sweeping $14 billion proposal to transform Pennsylvania Station and the district around it is in danger of collapse because of the softening economy, shortfalls in government financing, political inertia and daunting logistical problems, government officials and real estate executives involved in the project said this week.
...Some government officials and real estate executives are concerned that a slowing economy and the current state of the credit markets, where there is little money available for large real estate deals, could cause problems for both the sale of the railyards and the Moynihan project.
NoLandGrab: And what about New York City's other railyard deal?
Posted by eric at February 23, 2008 3:27 PM