REBNY: Build The Subway Station

By
Real Estate Broker with The Corcoran Group

Real Estate Board Of New YorkBuild the station 41st & tenth Avenue

After a successful effort to persuade the federal government to move the Khalid Shaikh Mohammed trial from New York City, the Real Estate Board of New York has turned its attention to the missing station in the No. 7 line.

REBNY started a Web site BuildTheStation.com, a petition drive and a lobbying campaign to press the Obama administration to come up with hundreds of millions of dollars to pay for the station.

As work proceeds on a $2-billion extension of the No. 7 subway line, which currently bypasses a station previously planned for West 41st Street and Tenth Avenue, the Real Estate Board of New York has brought together a coalition to restore the subway stop. The group is seeking federal funds to give the 7 line two stops west of its current terminus at Times Square.

The 41st Street and 10th Avenue subway station was planned to support the estimated four fold increase in employment and the 150 percent increase in population in Hudson Yards. The built and planned projects are projected to result in an estimated 32,500 workers and 27,500 residents within the vicinity of the station. 

The West Midtown area of Manhattan is one of the fastest growing neighborhoods in the City. New York residents are highly dependent on public transportation and care about the environment so taking the subway eliminates the need to drive or rely on car services.

The MTA is extending the #7 line from Times Square and adding only one new station at Eleventh Avenue and 34th Street. The MTA has dropped its plans for a subway station at Tenth Avenue and 41st Street without consulting with anyone. Taxpayers are paying over one billion dollars to build the entire #7 line extension for just one stop!

The station is a shovel ready, green transportation infrastructure project that would take three years to complete.

 

The construction cost for the station is estimated at $800 million–$500 million for the station shell and $300 for the station finishes and fit-out.

Based on recent estimates, the station construction would generate:
6,800 total jobs in New York State—5,700 in the city, 1,200 in the state
$58 million in total city and state (non-property) tax revenue
$441 million in total city and state total wages and salaries
$1.542 billion in total city and state economic activity

The station would support approximately 19.4 million square feet of development—approximately 10 million commercial/mixed use and 9.4 residential.

The station would also serve the Port Authority Bus Terminal, retail, entertainment, and tourist destinations along West 42nd Street and the waterfront, including Javits Center, the Intrepid Air and Space Museum, the Circle Line, the Hudson River Park, and the West Midtown Ferry Terminal.

 

Sign the petition - contact your local officials

 

related blog posts:

First phase of number 7 Subway expansion completed

hudson yards development update

The Hudson Yards

Grand Central Terminal

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

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©Mitchell Hall 2010

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Comments 8 New Comment

Rainmaker
499,618
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Dan, Lol, I know but it's worth it.

March 04, 2010 10:49 AM
Ambassador
883,319
Lane Bailey
Realtor & Car Guy
Century 21 Results Realty

But what you are asking is that people in Kansas and Nebraska pay for a subway station in New York...  That is one of the issues we face. 

March 04, 2010 08:12 PM
Rainmaker
499,618
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Actually we're asking the federal government not people from Kansas or Nebraska. NY pays much more in federal taxes than we receive in federal spending. The feds will be paid back in increased tax revenues from the economic development. Kansas and Nebraska receive about the same in spending as NY. Hopefully Kansas and Nebraska will receive Farm Aid from the stimulus bill.

States with higher incomes pay much higher federal taxes. Beneficiary states like Mississippi, Virgina, New Mexico, Florida, Alaska, North Dakota, Georgia and many other (mostly red states) receive more in federal spending than they pay in federal taxes per dollar.

New York City became the most popular tourist destination in the country in 2009. More than 45 million visitors in 2009, 46.7 million expected in 2010. All those tourists from Kansas, Nebraska and the rest of the country will be using and enjoying NYC's infrastructure paid by NYC taxpayers.

March 04, 2010 09:53 PM
Rainer
69,682
Dan Sanley

Lane NY people get taxed to death.  They don't need money from Nebraska or Kansas.  I am sure the Feds get much more from NY than NE or KAN and so it should go back proportionately.

No we don't need any more farm subsidies.  Even though I personally would profit from it.  It is not right.  Not in this day and time.  It is purely a political gimmick to get votes, no more.  And NO we don't need no stinking aid from the government stimulus.  Put it in the right places where it will create jobs, and improving our infrastructure is a great place to start.

March 04, 2010 10:43 PM
Rainmaker
499,618
Mitchell J Hall
Lic Associate RE Broker - Manhattan, NYC
The Corcoran Group

Dan, I'm certainly no farm expert. I didn't mean subsidies such as paying farmers not to farm. I meant investments in agriculture infrastructure like water sytems.

March 04, 2010 11:30 PM
Rainmaker
499,618

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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