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He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.","imageLarge":"http://images.globest.com/contrib/content/uploads/sites/299/2016/01/Paul-Bunny_avatar_1453917953-136x136.jpg","webUrl":"/author/profile/paul-bubny/"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"February 04, 2009","pubDate":"2009-02-04 11:12:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"NEW YORK CITY-Rep. Carolyn Maloney says the Second Avenue Subway and East Side Access projects will generate nearly $17 billion of economic activity.","categories":[],"allCategories":[{"sectionName":"Capital Markets","channelName":"Globest Topics"},{"sectionName":"Development","channelName":"Globest Topics"},{"sectionName":"","channelName":"GlobeSt Market"},{"sectionName":"","channelName":"Globest Sectors"},{"sectionName":"","channelName":"Globest Topics"},{"sectionName":"Industrial","channelName":"Globest Sectors"},{"sectionName":"National","channelName":"GlobeSt Market"},{"sectionName":"New York","channelName":"GlobeSt Market"}],"bodyArray":["Work on the long-delayed Second Avenue subway line has created 16,000 jobs, generated $842 million in wages to date and produced $2.87 billion in economic activity since its April 2007 groundbreaking, according to Maloney's report. The East Side Access project has meant 22,000 jobs, nearly $1.2 billion in wages and $4 billion in economic activity. During the construction phase, the economic activity generated by the two projects combined will exceed $16.6 billion, the report says. Maloney's report cites a formula that for every dollar invested in infrastructure, there is a $1.59 increase in GDP. The cost for the Second Avenue Subway is currently projected to be $4.35 billion, therefore making the subway's contribution to GDP nearly $7 billion, the report says. The cost for East Side Access is currently estimated at $7.24 billion, plus an additional $476 million for supporting regional investment costs. Based on this estimation, East Side Access will increase GDP by $12.28 billion. \"The economic benefits of these projects will continue long after construction has ended,\" according to Maloney's report. \"They will provide added capacity to support the creation of employment in New York City's central business districts and to support residential development along their routes. They will shorten commuting times and relieve intolerable congestion, particularly on the Lexington Avenue subway line and the Long Island Rail Road.\" The report notes that the $819-billion economic stimulus plan passed by the House of Representatives last week includes $1.5 billion for \"new start\" projects like these. \"If the funding makes it into the final package, it could allay doubts that New York State will be able to complete these projects during this time of fiscal hardship,\" the report states. Maloney, whose Congressional district includes the East Side as well as part of Queens, released the report at a news conference held at Grand Central Terminal. Joining Maloney at the conference were Manhattan borough president Scott Stringer; New York City Council members Jessica Lappin and Dan Garodnick; Elliot Sander, MTA executive director and CEO; Robert Yaro, president of the Regional Plan Association; and representatives of several unions."],"slides":[],"video":null},"articlePackages":null,"youmightlike":[{"uri":"/2025/07/11/multifamilys-rising-loan-maturities-create-new-buying-opportunities/","title":"Multifamily's Rising Loan Maturities Create New Buying Opportunities","byline":"Erik Sherman","prettyDate":"July 11, 2025","readtime":"3","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/3d/26/2b933d304f09aae46772f0115fa0/buying-opportunity.jpeg","width":"620","height":"372"},"summary":"Distressed sales loom amid high debt and low coverage ratios."},{"uri":"/2025/07/11/these-states-have-launched-new-funding-tools-for-affordable-housing/","title":"These States Have Launched New Funding Tools for Affordable Housing","byline":"Erika Morphy","prettyDate":"July 11, 2025","readtime":"2","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/296/2023/06/GlobeSt.-Affordable-Housing-Stock-Imagery-CML-2023-1817720.png","width":"616","height":"372"},"summary":"The programs can unlock stalled projects."},{"uri":"/2025/07/11/top-10-cre-funds-stockpile-billions-as-market-wonders-whats-next/","title":"Top 10 CRE Funds Stockpile Billions as Market Wonders What’s Next","byline":"Erik Sherman","prettyDate":"July 11, 2025","readtime":"3","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/ec/07/e42f1dd84c54b5f0c4804ce6fdad/dry-powder.jpeg","width":"620","height":"372"},"summary":"The funds remain unused as they await the right opportunity."},{"uri":"/2025/07/10/cmbs-issuance-soars-to-highest-levels-since-2007/","title":"CMBS Issuance Soars to Highest Levels Since 2007","byline":"Erik Sherman","prettyDate":"July 10, 2025","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/414/2022/12/Hot-air-balloon-chosen.jpg","width":"620","height":"372"},"summary":"Issuance was up 35% year-over-year, according to Trepp."},{"uri":"/2025/07/10/multifamily-delinquencies-climb-amid-worsening-cre-loan-performance/","title":"Multifamily Delinquencies Climb Amid Worsening CRE Loan Performance","byline":"Erik Sherman","prettyDate":"July 10, 2025","readtime":"3","image":{"uri":"https://images.globest.com/contrib/content/uploads/sites/296/2023/04/Delinquent-Loan-Article-202304060805.jpg","width":"620","height":"372"},"summary":"Growth slows, delinquencies rise, and multifamily losses hit a peak."},{"uri":"/2025/07/10/disagreement-grows-among-fed-officials-on-rate-cut-timing/","title":"Disagreement Grows Among Fed Officials on Rate Cut Timing","byline":"Erika Morphy","prettyDate":"July 10, 2025","readtime":"3","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/b1/0e/89779ab049e2a63ea4ff1d0fb5e9/fed-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"The tariff debate is disrupting the Fed’s policy playbook."}],"readnext":{"contents":[{"uri":"/2025/07/10/florida-ends-tax-on-commercial-rent-bringing-relief-to-tenants/","title":"Florida Ends Tax on Commercial Rent, Bringing Relief to Tenants","byline":"Anthony Russo","summary":"The removal of the tax will increase the state's competitive advantage and lure more folks to Florida. 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