Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Billion Dollar West Side Rail Yards Deal Collapses
By
Jen Chung
Published May 8, 2008
Modified May 8, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published May 8, 2008
Modified May 8, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
This evening, the MTA released a press release signaling that the plan to turn the West Side Rail Yards into Hudson Yards won't be happening any time soon. Apparently, developer Tishman Speyer, which won the bidding with a $1.004 billion proposal, got too grabby. At least, that's what the MTA"s statement seems to suggest:
Late this afternoon, negotiations between the MTA and Tishman Speyer over the development of the Rail Yards on Manhattan's Far West Side reached an impasse. The cause of the impasse was Tishman Speyer's attempt to change a central deal term in an effort to postpone the closing on the Eastern Yard until the Western Yard was satisfactorily re-zoned. This demand changed the economics of the proposed deals and the certainty of payments to the MTA. The MTA remains committed to developing these unique and very valuable parcels of land.
To clarify things, per the AP, "Tishman no longer retains the development rights to the Hudson yards." Poor (heh!) Mayor Bloomberg--he's been hoping to see development at the West Side yards for a very long time. But CBS 2 points out the Hudson Yards dream is a complicated one, what with the developer needing to spend approximately $2 billion to build a platform over the yards and questions about whether the MTA will really build a subway extension.
Tishman Speyer did not comment. Deputy mayor for economic development Robert Lieber said it was "very disappointing" but the city is committed building up the West Side And here are renderings of Tishman's plan (NY Times critic Nicolai Ouroussoff is probably thrilled!).
Tagged
development
hudson yards
MTA
real estate
tishman speyer
west side rail yards
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYCHA says it's removed asbestos found at Brooklyn’s Marcy Houses
A steam leak left asbestos-laden residue on some of the exterior walls at the public housing complex in Bedford-Stuyvesant.
By
Giulia Heyward
Published Oct 30, 2026 at 4:29 p.m. ET
'It is a crime!': Upper West Side owl lovers outraged after rooftop work wrecks nest
The owls are protected under the Migratory Bird Treaty Act.
By
Carol Chen
News
'It is a crime!': Upper West Side owl lovers outraged after rooftop work wrecks nest
The owls are protected under the Migratory Bird Treaty Act.
By
Carol Chen
Police search several blocks in Canarsie after dead man’s body found
By
Charles Lane
NY unemployment recipients brace for delays during system upgrade
By
Jon Campbell
and
Carol Chen
Influential Brooklyn developer illegally raised rents despite tax break, lawsuit claims
By
David Brand
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .