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I’m generally skeptical of the post’s columnists but this ones actually on the money, IMO.
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Jan 26, 2020
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66 Hudson just peaking out, rising quick!
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Reminds me of the Moscow International Business center
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Nice pic but it missed a signature tower ! Too bad you have a lot of flat roof.
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“ Related Companies, the real estate concern run by President Donald Trump supporter Stephen Ross, has signed an agreement with Amtrak to pursue a cheap federal loan for the second half of Hudson Yards — the developer’s opulent city-within-a-city on Manhattan’s West Side.
The company and Amtrak are poised to file an application for more than $1 billion in low-cost debt from the federal transportation department to help fund a platform over the West Side rail yard.”
“ On Feb. 11, Related Hudson Yards President Jay Cross and Amtrak Chief Operating Officer Stephen Gardner signed an agreement to pursue the loan, according to details acquired by POLITICO. If successful, the deal could pave the way for Related to begin construction on Hudson Yards’ second phase — several new skyscrapers bounded by 11th and 12th avenues, 30th and 33rd streets.”
“ Related needs Amtrak to co-sign the loan application because the federal funding poo requires a railroad’s participation.
In turn, Related Companies has agreed to preserve the final piece of right-of-way for Amtrak’s still-aspirational Gateway tunnel, which the railroad hopes will some day burrow under the Hudson River just south of 30th Street.”
“The details of the February agreement indicate that Amtrak will pay Related $385 million to construct the third and final section of concrete casing along the Gateway tunnel’s future right-of-way — running southwest from 11th Avenue to 30th Street, where it would connect with the future Hudson tunnel, according to details shared by a source familiar with the agreement.
Amtrak is betting it will get at least some of its money back. If Related gets its federal loan, it stands to save millions that it would have otherwise spent on a higher-interest, market-rate loan. The agreement requires Related to credit Amtrak with a portion of that differential, a source familiar with the proposal said.
If Related doesn’t get the federal loan, it will still have to build the concrete casing, per the agreement. Related also has to pay for any cost overruns.
“Expanding on the successful collaboration with Amtrak for the concrete casings under the first phase of Hudson Yards, we will make space for casings as we plan to begin the second phase,” said a spokesperson for Hudson Yards. “We continue to work closely with Amtrak to explore options to advance the project.”
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Why is it important to mention he supports Trump. It’s not a bad thing
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Yikes! It’s a nice reminder.
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All I’m going to say is not every politicians are right and wrong, so I don’t support. I’m not even voting. But back to Hudson Yards
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