Over the past two years, the New York Astronomical Corporation (NYAC), the business arm of the Astronomical Society of New York (ASNY), has continued planning and technical studies toward construction of a 12-meter class optical telescope for the use of all New York universities and research institutions. Four significant technical studies have been performed investigating design opportunities for the facility, the dome, the telescope optics, and the telescope mount. The studies were funded by NYAC and performed by companies who have provided these subsystems for large astronomical telescopes in the past. In each case, innovative and cost effective approaches were identified, developed, analyzed, and initial cost estimates developed. As a group, the studies show promise that this telescope could be built at historically low prices. As the project continues forward, NYAC intends to broaden the collaboration, pursue funding, to continue to develop the telescope and instrument designs, and to further define the scientific mission. The vision of a historically large telescope dedicated to all New York institutions continues to grow and find new adherents.