Financial 411: The Hudson Yards Project
Wednesday, July 20, 2011
Debt Talks Continue on Capitol Hill
President Barack Obama said he's now open to a short-term deal to raise the nation's debt ceiling if it will allow time for a broader plan to be put in place. There are 13 days left before the August 2 deadline, when the U.S. risks defaulting on its financial obligations.
A new bipartisan budget plan emerging from the Senate would slash the deficit by almost $4 trillion over a decade, through a mix of spending cuts and new tax revenues.
Stocks fell slightly on Wednesday, after their big rally on Tuesday. The Dow lost 16 points, closing at 12,572. The S&P 500 was down one point, to close at 1,326. The Nasdaq shed 12 points, closing at 2,814.
The Hudson Yards Project
The Hudson Yards project may finally be getting the anchor tenant it needs to start construction. Crains is reporting Wednesday that the developer, The Related Companies, is close to signing a deal with the luxury handbag company Coach for 600,000-square feet of office space. The luxury handbag company would move its corporate headquarters from the Garment District.
Erik Engquist, assistant managing editor at Crains, brings us up to speed on the project. He also talks about what Coach brings to the table.