Talks to Continue on Hudson Rail Yards

Sunday, February 01, 2009

Contract negotiations over the development of the Hudson railyards will continue. The Metropolitan Transportation Authority and the developer, Related Companies, had set a Saturday deadline for a deal on the 26-acre project. An MTA spokesman says the agency and company had "constructive negotiations" yesterday and agreed to continue talking tomorrow. The Hudson Yards project is paired with the extension of the 7 train and aims to create a media-based, western Midtown Manhattan district. Related, which is partnered with investment bank Goldman Sachs, has proposed 5.3 million square feet of apartments, and 5.5 million square feet for offices, shops, hotels and a public school. The company was chosen for the project in May, after developer Tishman Speyer Properties dropped out of the deal over price. Related bid just over $1 billion and will pay at least $2 billion more to build platforms over the rail yards. The developer and the MTA extended a November deadline to close the deal by 90 days. Related would need to make a $50 million payment at closing.



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