Shopping for Gracie Mansion

Now, he says, he's worried that the current credit crunch is going to stop him from raising the money to go forward with construction. He's waiting on the city to clear out some underground pipes and fears that he'll lose his chance to get a government tax break.

"Is there aggravation? There's aggravation every day," he says. "We're proceeding in good faith. Tell me what the real-estate market will be in six months and I'll let you know whether we're building. You watch TV and you scratch your head. If it makes sense, we'll go forward. "

Bradford Noble/noblephoto.com

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He could be talking about his mayoral run.