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Construction


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February 13, 2009

Half-built projects stopped as NYC developers lose financing

  • A contractors' group has tracked over 100 projects in the city either stalled or canceled since last fall's credit crisis dried up financing.
    • By AMY WESTFELDT
    Associated Press Writer

    AP Photo/Frank Franklin II [enlarge]
    A construction site where development of a residential tower has stopped is shown on 23rd street in New York. The global economic meltdown has infected the New York construction industry, wiping out thousands of jobs and cutting off billions of dollars in funding.

    NEW YORK — Blue plywood covers a block on all sides where a 1 million-square-foot skyscraper was to rise in midtown Manhattan. Orange and white barriers push pedestrians off the sidewalk into the street. Workers left the site last week.


     
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