Anyone have $440M to spare? Hudson Yards desperately needs it

State pols are under pressure to find the money to complete tunnel work

New York /
Sep.September 06, 2017 10:30 AM

Hudson Yards will require another $440 million to prevent a partially finished tunnel from becoming a useless component of the massive project.

The $750 million plan by Related Companies to deck over the western half of their megaproject in 2018 has ratcheted up the pressure on state politicians to raise the extra millions needed to complete a concrete box tunnel under the construction site linking the Gateway tunnel underneath the Hudson River to Penn Station, according to Crain’s.

The Gateway project would collapse without this link, which would go under the West Side Rail Yards. Not completing the link would also make the tunnel’s first two segments unusable, wasting the $250 million investment in them.

Most of the tunnel’s first two sections were funded with federal funds from Amtrak and Hurricane Sandy, and the final section is meant to be largely funded by New York and New Jersey, according to an earlier agreement.

John Porcari, interim head of the government entity Gateway Development Corp. which is responsible for coordinating the project, told Crain’s they would secure the funding soon.

“All of us realize that the entire Gateway project is dependent on this last piece being constructed before the Hudson Yards development overtakes it,” he said. “There are no easy ways to fund it, but there are ongoing discussions right now.” [Crain’s] – Eddie Small


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Rendering of 300 Huntington Street (Monadnock Development, iStock)
No parking? No problem for Monadnock project in Gowanus
No parking? No problem for Monadnock project in Gowanus
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
Meredith Marshall (Photo by Emily Assiran)
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...