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. more ›

The NY Yankees has reportedly asked city for $350 million more in public financing for its new stadium. The $1.3 billion project is currently under construction, and the urgency for additional funds in the form of tax-free bonds ranges from Assemblyman Richard Brodsky saying "the Yankees said they couldn't complete the Stadium without additional financing" to the NYC Economic Development Corporation president saying the Yankees are just making "informal inquiries." more ›

The number of residential construction permits issued by the Dept. of Buildings in the first quarter of 2008 declined by 46% from the same period in 2007, indicating that the construction boom that has gripped the city over the last several years may be coming to an end. The decline was citywide, with fewer permits issued in all five boroughs, although the sharpest decrease occurred in the Bronx. more ›