The New School’s plan to build a $400 million, 350-foot tall building on Fifth Avenue, between 13th and 14th streets, has officially been canceled. Only about $75 million in funds has reportedly been raised for the project. A spokesperson for the New School said the school is holding off on the project because of the economy, and that at the moment, there is no design for a new building. The spokesperson also said the school hopes the board will approve a new design process, which is expected to take at least a year and a half, this spring. The new building will be smaller than the original plan called for, and will not need any zoning variances, the spokesperson said.