From the NY Observer:
The economic crisis, of course, has obliterated any sense of imminence and removed the far West Side’s aura of inevitability as Manhattan’s next great neighborhood, certainly for the next few years.
Yet, amid the rubble, Related is still plodding away on its $15 billion plans for the rail yards, a tremendously complicated project that would be larger than the World Trade Center and that has been dubbed a 21st-century Rockefeller Center. Related is in the midst of the city’s onerous public-review process, and executives now say they expect to sign a development contract in January with the M.T.A., the site’s owner.
This puts Related, one of the city’s largest developers, in an uphill battle to transform an unproven area that the economic crisis has pushed far back to the fringes. Numerous competitors expressed deep skepticism that Related’s commitments are realistic, and the first step would be a platform atop half the rail yards costing around $1 billion, a number that demands tremendous confidence in the project’s future.