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MTA, Related Still Working on Hudson Yards Contract
By
Jen Chung
Published Feb 1, 2009
Modified Feb 1, 2009
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By
Jen Chung
Published Feb 1, 2009
Modified Feb 1, 2009
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Ha! According to the AP, the MTA and developer Related Co. are still talking about the contract to develop the Hudson Yards, better known as the West Side Rail Yards. For years, the city has been trying to develop the area west of Penn Station, but the attempts to find a developer have been the stuff of melodrama, from a bidding process to picking one suitor—Tishman Speyer—who was later spurned. Then, in mid-May, Related stepped into the breach but the contract was put on the burner over...slow paperwork? The MTA said there have been "constructive negotiations" with Related. Should a deal go through, Related, who bid $1 billion for the land and $2 billion to build the platform over the railyards, will need to cough up $50 million at closing.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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