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 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.
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©Mitchell Hall 2010