The city and state would then build a 650,000-square-foot trading complex at a cost of at least $400 million.
The city had initially planned to sell the development rights to a 50-story tower over the trading complex to offset the cost of the land.
The city has asked the exchange to add to the $450 million it had pledged to spend on construction and outfitting the trading complex.
They have also questioned the need for an expensive trading complex with the advent of electronic trading.
Originally, the plan had been for a 50-story tower to be built over the new trading complex.
The $480 million, 800,000-square-foot trading complex would be built with public money below a 1.2 million-square-foot office tower.
The city has said that the projected rent from the trading complex and the office tower should more than offset the cost of buying the land.
At the same time, the office tower, which is to sit atop the trading complex, has grown to 1.3 million square feet from 1.2 million.
City officials privately acknowledge that the cost of the trading complex has gone up with the cost of land and construction.
The cost for the trading complex itself has since grown to $482 million.
