Deputy Mayor Robert Lieber said today the financial meltdown has crippled financing for the West Side redevelopment project, meaning it could take decades to complete.
He says Hudson Yard's success depends on the extension of the Number 7 line, which is on track to be completed by 2013.
"We knew, and part of the plan all along was that you weren't going to have companies relocating their headquarters, offices, or their employees to a place that people couldn't get to," said Lieber. "So key to that is being able to deliver the mass transit to be able to accommodate the commuters."
The developer, Related Companies, won a billion-dollar deal with the Metropolitan Transportation Authority to develop 26 acres of the far West Side rail yards.
Currently, there is no start date or completion date for the project.