News

NEW YORK, NY May 14, 2008 — Now that the Metropolitan Transportation Authority's billion-dollar deal with Tishman Speyer has collapsed, the agency is negotiating with the other original bidders to find another buyer for the West Side rail yards.

But, as WNYC's Matthew Schuerman reports, the options aren't great.

Of the five original bidders, one company dropped out and then another refused to hew to the MTA's requirements.

A third, the Related Companies, only wanted half of the 26-acres, while a joint venture between The Durst Organization and Vornado Realty Trust offered $100 million less than Tishman Speyer.

Since the MTA is far more desperate than it was last fall, any team still interested is likely to weaken its bid even further. And the MTA doesn't want to put off the sale, because it needs the money to complete capital projects like the Second Avenue Subway.

For WNYC, I'm Matthew Schuerman.