Hudson Yards: With Tishman Out, MTA Turns to Other Developers
May 13th, 2008, 2:37 pm
The MTA failed to come to terms with Tishman Speyer over the $1 billion Hudson Yards deal. According to a New York Times report from Charles Bagli (the moderator of the panel at MAS tonight), the MTA will resume discussions with three developers, including Vornado (in a joint venture with Durst) and Related, co-developers of Moynihan Station.
Tishman Speyer had sought to delay closing on the rights over the yard on the east side of 11th Avenue until it got a zoning change for the western yard, a process that could take 18 months. Under the terms of the deal struck in March, Tishman Speyer would have paid $18.8 million at the closing for the eastern yard later this year, and $24.7 million for the western yard sometime in 2009 or 2010. In an attempt to salvage the project, the transportation authority said it will now turn to three other developers — Douglas Durst, Stephen Ross and Steven Roth — who had competed for the right to build a small city of office towers and apartment houses on a platform over the 26-acre rail yards. “It’s an exciting and important project for New York City,” said Jordan Barowitz, a spokesman for Mr. Durst, who had offered $39 million less than Tishman Speyer. “We would be interested in resuming discussions on its development.”Read “Talks Over West Side Yards Collapse Again,” by Charles Bagli for New York Times