According to an
[article in the NY Post] the MTA is about to
begin construction of Phase One of the 2nd avenue line (aka the "T" train).
The first phase will stretch from East 96th to East 63rd where it will
connect to the Q line.
The cost of this phase is $3.8 billion and the estimated date of completion is 2013. There are three more phases to the project with Phase Two running from 125th to 96th, Phase Three running down from 63rd to Houston and eventually, Phase Four going all the way down to Hanover Square in the Financial District.