Already a few things are blazingly clear. Designed by Brad Cloepfil of Allied Works Architecture, the renovation remedies the annoying functional defects that had plagued the building for decades. But this is not the bold architectural statement that might have justified the destruction of an important piece of New York history. Poorly detailed and lacking in confidence, the project is a victory only for people who favor the safe and inoffensive and have always been squeamish about the frictions that give this city its vitality.