NYC Asking $1 Billion For Manhattan Waterfont

"Gov. Eliot Spitzer announced Friday that city, state and transit officials have begun soliciting bids for the right to build over a big rail yard where Mayor Michael Bloomberg wanted to put a new stadium to host the New York Jets and the 2012 Olympics.

That project failed two years ago - along with the city's bid for the games.

Now, the city hopes to find a deep-pocketed developer or two willing to put a deck over two sections of the property and build office towers, apartment buildings, parks and a cultural center."

"Spitzer declined to name an asking price Friday, but said the Metropolitan Transportation Authority, which owns the land, hopes to raise enough to erase a $1 billion deficit in its construction budget."