Pols estimate $420M cost overrun in Second Avenue Subway project

The first phase of the Second Avenue Subway is running two years behind schedule and is poised to run $420 million over budget, according to Rep. Carolyn Maloney, who told the Post this weekend that the news comes straight from the Federal Transit Administration. The agency had originally set a target completion date of 2016 for the first installment of the T train, slated to run between East 96th and East 63rd streets. The Metropolitan Transportation Authority has budgeted $4.5 billion for the project. That’s particularly bad news for businesses along the stretch of road affected by the construction. As The Real Deal reported last month, businesses along Second Avenue between 69th and 74th streets are reporting that sales have dropped by as much as 40 percent since construction began. [Post]