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Harlem Tower Shrinks With Market's Outlook
By
Dave Hogarty
Published Jul 12, 2008
Modified Jul 12, 2008
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By
Dave Hogarty
Published Jul 12, 2008
Modified Jul 12, 2008
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The expected new home of Major League Baseball's television network is being chopped down in size because of financial concerns. Vornado Realty Trust is having trouble securing the financing to erect a high-rise tower on 125th St. and Park Ave., and is currently renegotiating with MLB about its lease. The tower may only rise 14 stories, down from 21 stories--apparently lack of interest from other potential tenants is also hamstringing the initial architectural plans. It's an outcome that may please critics of Harlem's gentrification and corporate sterilization, but is also a salient example of NYC's economic troubles.
Tagged
financing
major league baseball
manhattan
nyc
real estate
vornado realty trust
Yankees
Dave Hogarty
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