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NYU Prof: Moynihan is Most Important Project in City

Today, Peter Kiefer rounds up the recent cutbacks and troubles in big projects including the Second Avenue Subway, Fulton Street Transit Center, Hudson Yards, and Moynihan Station. He reports that “the number of citywide building permits is expected to drop, public and private funding for projects is drying up, and a stream of multibillion-dollar plans is coming in over budget and behind schedule, with many designs being scaled back or scrapped altogether.” Among the explanations are rising construction costs, long approvals processes, restrictive lending practices, and shrinking tax revenues.

Mitchell Moss, a professor of urban policy and planning at NYU, says the only way out of the current situation is “increased commitment and investment by the state, and Governor Spitzer.” Moss said, “there is a need to recognize that we have to pick the projects that are a high priority rather than let a thousand flowers bloom.”

So which project is most important? “Mr. Moss was unequivocal: the planned redevelopment of Penn Station, which many see as the key development project that could open up the West Side of Manhattan.” ESDC chair Patrick Foye reiterated the State’s commitment “to getting it done.”

Read “Unease Erodes Ambition in Real Estate,” by Peter Kiefer in The New York Sun.