According to Senator Chuck Schumer, the federal government will soon begin the arduous task of returning floodwaters back to the Atlantic Ocean after Hurricane Sandy’s surge flooded key transportation arteries earlier this week.
“In the past hour, I have received an update from the U.S. Army Corps of Engineers about the federal de-watering efforts happening in New York City,” Mr. Schumer said in a statement this afternoon.
Imagine, if you will, the landscape of New York City 15 years hence. A drive to Citi Field in Willets Point takes you past a pleasant if overpriced cluster of residential buildings, rather than seedy chop-shops. Roosevelt Island is home to a sprawling $2 billion applied-sciences campus spinning out an army of developers to populate ping-pong-table-clad start-up clusters from Dumbo to Union Square. On Manhattan’s far West Side, the rezoned stretch of Hudson Yards offers millions of square feet for office space, housing and retail and 14 acres of open public space. You can already see traces of a more built-up, scrubbed-down New York in Luna Park’s freshly-painted Scream Zone, the first new roller-coasters Coney Island has seen in 80 years, and the rapidly-metastasizing arena at Atlantic Yards, which will soon play home court to the rebranded Brooklyn Nets.
It’s hardly a scenario Seth Pinsky could have imagined in September 2008, when Lehman Brothers collapsed just seven months into his tenure as president of the New York City Economic Development Corporation (EDC), a not-for-profit arm of the Mayor’s office charged with fostering economic growth across the five boroughs.
At the time, Mr. Pinsky was a 36-year-old former lawyer and investment analyst, only a few years removed from a private sector gig refinancing real estate deals for the big banks as an associate at Cleary Gottlieb. He had one big win under his belt—jump-starting the World Trade Center redevelopment project—but he didn’t have “a political bone in his body,” as one insider put it. “People kept saying to me, ‘Wow, you’re the head of the Economic Development Corporation? We’re in an economic meltdown!’’ Mr. Pinsky told The Observer.
“At the time it meant, ‘You must be really crazy.’”
The Neverending Story
It was only a few years ago that the broadcasting deal at 1 World Trade Center collapsed. The potential tenants, represented under the Metropolitan Television Alliance (MTVA), flat out told developers that the deal for an antenna on top of the 102-story building is dead. After heading back to the drawing board, developers have now proposed a new antenna.
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Tear Down This Community Center
Today, @Park51, the official Twitter feed (as opposed to all the fake ones) announced “new renderings.” New unless you’d watched last weekend’s episode of 60 Minutes, that is. Or gone to one of the controversial community board meetings this spring. Or been a member of the Real Estate Desk, who happened to Read More