The Extell Development Company has filed plans to turn its proposed Diamond Tower, located on West 47th Street, into commercial use condominiums. Commercial condos are rare in New York City, but might prove to be successful for those in the jewelry industry, whose space needs are often fixed in the long term. The spaces would be used for showrooms and other office space.

In May 2008, Related Companies won a bid to turn the 26-acre West Side yards into a $15 billion office and residential development. Related is supposed to enter into a contract with the Metropolitan Transportation Agency at the end of the month and pay $50 million in an initial deposit and fees.

Queens business owners and community leaders are angry that the No. 7 subway line is not running on weekends due to construction. They are calling on the Metropolitan Transit Authority (MTA) to provide shuttle buses from western Queens to Manhattan, as there is concern that Manhattan residents will not come into areas such as Long Island City.

New York City could gain $4 billion for mass transit as part of President-elect Barack Obama's economic stimulus plan, according to Senator Charles Schumer (D-NY) and Congressman Jerrold Nadler (D-NY).

Over the past 20 years, Union Square has grown to 3.6 acres. There is now disagreement over the park’s $20 million renovation, specifically the use of the Pavilion on the north side of the park.

The City is set to award a contract this week to demolish buildings on two parcels to make way for the Hudson Yards Park and Boulevard and the entrance to the Number 7 train station entrance. The parcels span from 10th and 11th Avenues between 34th and 36th Streets.

The mostly-underground Plaza Retail Collection has opened at the recently renovated Plaza Hotel, but in its first month and a half of operation it has had few visitors. The mall is hidden partly because the Plaza’s façade is a landmark and external advertising is limited by law, but the dearth of customers is largely blamed on the failing economy.

Renovations of the Plaza Hotel and efforts to transform it into one of the most in-demand condo buildings in the city have been met with complaints and lawsuits. Many people have been upset by the redesign of the Plaza. As of November 2008, construction of the retail space is ongoing and only half the stores have opened.

The Union Square Partnership hosted a forum titled “Spotlight on Commercial Diversity in Union Square.” More than 75 residents and businesses attended the forum. Participants discussed Union Square’s growth and evolution from small mom-and-pop businesses to international businesses, and what policies should be adopted to control future growth.

The Greater New York Hospital Association, Extell, and Israel Green hope to build the World Product Centre, a 60-story tower that would function as an international showcase and permanent conference center for the hospital industry. They say the building would open in 2013 and become an anchor building for the Hudson Yards. The project is estimated to cost between $500 million and $1 billion.