December 28th - January 1st, 2010

Construction begins on the “Subway in the sky”

December 28 –Nine bright yellow containers, each bearing an American flag, were lifted by a hydraulic jack to the fifth floor of the Freedom Tower to become a Subway restaurant. The Associated Press reports Subway will open in January and keep moving up as the tower is built to 105 floors to accommodate construction workers and hopefully increase efficiency. A Port Authority spokeswoman said, “This amenity will save time by allowing construction workers to stay in the tower throughout their shift rather than having to go all the way up and down.”

Chin Sworn In

December 28 – Margaret Chin took the oath of office last week at a ceremony at City Hall. She thanked all of her supporters and outgoing Councilman Alan Gerson congratulated her. Chin becomes the first Asian-American woman elected to the Council.

Sharp Price drop for Broad Street Property

December 30 –  The Peace Palace, aka 70 Broad Street, is now on the market for $15 million less than just a few months ago. The Real Deal reports the owner, Maharishi Mahesh Yogi, slashed his asking price from $45 million in September to $30 million last week. The building has approximately 15,000 square feet of mixed use space; Yogi purchased it in 2004 for just $5.5 million.

CB 1 Supports City Control of Governor’s Island

December 30 – The Waterfront Committee of Community Board 1 passed a draft resolution supporting city control of the island, if it expands ferry service and improves the ball fields and indoor recreation spaces. The Tribeca Trib reports Mayor Bloomberg has vowed to commit millions of dollars to developing and maintaining the park; the state struggled this year to fund its share of the island’s $12 million operating costs.