What Is Happening On The Corner Of Washington & Albany?

Washington and Albany Looking North

Washington and Albany Looking North

I took a trip to this part of downtown on Sunday June 21st. You can stand looking North from this corner and the sheer volume of projects that seem to have come to a grinding halt has everyone wondering how long will it be before completion?

Remember the ads for 2010 from the LMDC?

It’s a stark reminder that even the super wealthy can be affected in drastic economic times.

Take for example Joe Moinian. A prestigious developer and #2,139 on Cityfile’s New York’s Most Notable List.

This was the latest report in ‘The Real Deal’ –

Moinian’s Tap Dance
May 01, 2009 01:34PM
Many of the properties Moinian purchased during the boom may now be underwater or are rumored to be in trouble, like his planned W Downtown Hotel & Residences.

The next example is the on going struggle of pulling down the Deustche Building on the opposite North Corner.

The Tribeca Trib’s report came out just this week.

Deutsche Demolition Could Cost $35 Million More

Officials of Lower Manhattan Development Corporation, the agency overseeing the cleaning and deconstruction of the former Deutsche Bank tower near the World Trade Center site announced they may need as much as $35 million more in public money to finish tearing down the doomed building.

Finally on the North West corner of Washington and Albany is 130 Cedar St. (It’s between Albany and
Cedar)

Who will finish first? Whoever’s last can buy drinks at the W-Hotel 5th floor lounge somewhere around 2010.

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