The Real Deal New York

No. 7 subway extension is shovel-ready, real estate leaders say

February 10, 2010 08:59AM

The city’s real estate industry is lobbying for federal stimulus money for the cash-strapped No. 7 subway extension, calling it a shovel-ready project that will improve the quality of life for future residents of Hudson Yards. The planned extension is currently slated to create just one new subway station at West 34th Street and 11th Avenue by 2013, allowing the train to zip by another proposed stop at West 41st Street and 10th Avenue, the Post’s Lois Weiss reported. It would cost an estimated $500 million to Create The 41st Street stop — right above a planned Related Companies apartment tower — and another $300 million to make sure the station is up to snuff in terms of safety. Since funding isn’t available, the feds “could bid it right out” as a stimulus project, said Mary Anne Tighe, chair of the Real Estate Board of New York. Ann Weisbrod, president of the Hudson Yards Development Corp., said that if the Metropolitan Transportation Authority delays construction of a 41st Street station until after Related builds its tower, it will ultimately cost significantly more. [Post]

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