Private Investment, Public Gain
Last week, the New York City Council cleared the way for construction of One Vanderbilt, a 63-story office tower set to rise on the corner of 42nd Street and Vanderbilt Avenue by 2021. In exchange for zoning approval, the building’s developer, SL Green, has agreed to fund $220 million in infrastructure improvements to the subway station at nearby Grand Central. The deal could help alleviate MTA funding woes while serving as a model for future commercial and residential developments in Midtown.
The Facts You Need to Know
Incentive Structure: SL Green will be responsible for any cost overruns, and tenants will not be able to occupy the upper floors of the building until the improvements are finished. Read more.
Congestion Relief: A large share of the improvements will go toward adding more trains at peak hours on the overcrowded Lexington Avenue subway lines. Read more.
Fresh Face: One Vanderbilt will add 1.6 million square feet of modern office space to Midtown East, where the average building is more than 70 years old. Read more.
"We're responsible for cost overruns, we're responsible for construction oversight. It's our project to build, not the MTA's."
The Past is Present
Why is housing in New York City so expensive? The answer is simple: there isn’t enough of it.
On The Calendar
Distinguished editor John Tamny uses entertaining stories from sports, movies, popular culture, and famous businesses to demonstrate the basic principles of economics, including: how the Rolling Stones, Dallas Cowboys, and Paris Hilton are examples of good and bad tax policy; how The Godfather, Gone With the Wind, and The Sopranos reveal the downside of antitrust regulation, and many more.
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And in other news...
Casper manages to box a whole mattress by using a two-ton compressor that squeezes its foam mattresses into three-and-a-half-foot-tall boxes. Once the mattress is boxed, it is then delivered by bike if the costumer lives in New York City. Otherwise it’s shipped normally.