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http://nypost.com/2015/10/28/de-blasio-joins-groundbreaking-ceremony-at-20-times-square/
At the Council on Tall Buildings and Urban Habitat conference, developer Larry Silverstein told me that he is not selling his 1,100-foot-tall tower development site at 514 Eleventh Ave. due to issues with affordable housing, as others had reported.

The 1.8 million-square-foot building is slated for 375,000 square feet of affordable housing.

The paper was 100 percent wrong,” Silverstein exclaimed. “We’ve got about $10 billion worth of construction underway and it’s too much. So I said if you get a good price for it, sell it. And if you can’t, put it on the shelf and wait until we finish what else we are doing.” When I asked him “What’s a good price?” he grinned and walked away.
 

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^^
I can't wait for Javits to get torn down to make way for more development, the Far West side will be much more valuable a decade from now and maintaining the convention center would be a poor use of such prime land.
I think they should keep Javits where it is, but deck it over from 37th Street to 41st Street and move Madison Square Garden on top of it.
 

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So he's waiting on the sales from 30 Park Place, WTC 2 and 3?
 
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unless there is any news, this project is not cancelled. There was an article which came out awhile back which claimed it was, but Silverstein rebuked that claim not long after.

edit: Jeez its even on this page! There's been no news of the site being sold, so Silverstein is waiting until other projects are finished before this one is started. Silverstein has 2 and 3 WTC, 30 Park Place, and Riverside's One West End to finish up.
 
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