Other developers are also investing in New York's future, although it is unclear whether many foreign investers are joining in.

The developer also invested in a top climate control system because "art is very sensitive to temperature and humidity," Mr. Levine said.

The added hope, he said, is that it will encourage property owners to improve their buildings and other developers to invest in the city.

But many civic leaders are convinced that things are changing, and national developers are investing.

Off-campus accommodation near the school is available as private developers are investing hugely near the school.

So far, the developer has invested $23 million.

The developer has invested more than $250 million to retain the right to build when the real-estate market allows.

Under the tentative Times Square agreement, the developers would invest about $30 million in renovations along 42d Street.

Once a plan is approved, the village will seek developers to invest in building projects and improvements.

The developers will have invested a total of $1.68 million.