If the first segment of Manhattan’s Second Avenue subway opens on schedule in 2016, New Yorkers will be reminded that it was once “the line that time forgot” -- a project more than 75 years in the making, with no end in sight. It should be remembered for another failing as well: It will be one of the most expensive subways in the world.
On a Sunday morning in October, Simon Kelly sat in the breakfast room of Dublin’s Morrison Hotel, looking eager to chat. Simon, 38, and his father, Paddy Kelly, 66, were once among Ireland’s most audacious real estate developers. During the boom years, they borrowed about 700 million euros ($950 million) from Anglo Irish Bank Corp. to buy golf resorts and build hotels.
Four office towers, a transit center designed by Santiago Calatrava , a memorial and museum at the downtown Manhattan site of the World Trade Center may be complete by 2014, according to city and state officials.
Accelerating and redesigning World Trade Center projects so the Sept. 11 memorial could open by the 10th anniversary of the attacks cost about $500 million, a Port Authority of New York and New Jersey commissioner said.
The Port Authority of New York and New Jersey, which is redeveloping the World Trade Center, needs a “top-to-bottom overhaul” because of poor management and a lack of cost controls, according to an interim audit released by its board.