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MTA Approval Expected for Rail Yards Developer
by Matthew Schuerman
NEW YORK, NY May 22, 2008 —The full Metropolitan Transportation Authority board is expected to approve the new buyer for the West Side rail yards at a special meeting today.
The proposed developer, The Related Companies, has already signed a preliminary agreement and deposited $11 million in escrow - which will be released to the MTA after the vote.
Related took over the billion-dollar deal after another developer, Tishman Speyer, would not - even after six weeks of negotiation - sign the preliminary agreement.
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