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Westward Expansion
By
Dave Hogarty
Published Apr 13, 2007
Modified Mar 7, 2008
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By
Dave Hogarty
Published Apr 13, 2007
Modified Mar 7, 2008
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As one of the last under-developed swaths of Manhattan real estate, the Manhattan Yards located on the city's West Side are an attractive prize for a developer ready to make a big mark on New York City. At least four firms have bid proposals in progress, although the titanic cost of developing 26 acres of midtown real estate may have them partnering with pension funds and private equity companies to help foot the bill, according to the New York Sun.
The Manhattan Yards are located between West 30th and 33rd Streets, between Penn Station and the Hudson River. The city attempted to purchase the Hudson Yards from the MTA , but abandoned the idea last year. The MTA hopes to use proceeds derived from development to fund capital projects like the 7 line extension.
A spokesman for the MTA, Jeremy Soffin, said the agency is committed to working with the city and other parties to find a solution "that will provide vital funding of the MTA's capital needs and ensure a wonderful addition to the West Side community."
It is thought that bids for the development could bring in hundreds of millions of dollars to the MTA, and the agency's seemingly aggressive push for a more lucrative plan is consistent with the Spitzer administration's pledges to exact more from developers in large projects on public land.
One casualty of Hudson Yards development could be a stretch of the proposed High Line Park project, which is being de-emphasized by city planners as a priority in relation to other goals such as affordable housing, schools, and infrastructure. The Hudson Yards project will be similar to the covering and development of the rail lines that terminated at Grand Central in the 1870s. That development resulted in Park Avenue's extension above 45th St.
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