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Rumormongering: The New School's New Building is Broke

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We thought the New School's long-planned new academic building at 65 Fifth Avenue, designed by the esteemed Skidmore, Owings & Merrill (who never confirmed the above rendering, if we recall correctly), was pretty much a go after the money situation got figured out. But these are different, credit-crunched times, and rumors of shoddy financing and a slimmed-down design were making the rounds. Now, a tipster tells us that the New School's newy newness is suddenly old:

A friend of mine in the faculty senate says there is a practically 0% chance that the building will go up as designed by SOM. Two reasons: 1) the market has soured (duh), and 2) less than 20% of the money was raised. Its more like 15%, actually - keep in mind this number may reflect the balance after a couple of large contributions withdrawn when the condo/housing/development "outlook" went (predictably) to shit last year. The remaining money is (tentatively) going to go into some sort of renovation scheme. We'll see. And in the middle of all this, our provost (cheerleader for the 10 Year Plan) was canned / stepped down / went back to the anthro dept. No press release on this, as of yet.

Maybe NYU can float them some cash?
· CurbedWire: Orchard St. Hell Building Update, New School Building Put on a Diet? [Curbed]
· CurbedWire: New School's Piggy Bank, Housing Rights Erased, Co-Op Shenanigans [Curbed]

65 Fifth Avenue

65 Fifth Avenue, New York, NY 10011