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View Poll Results: Which do you like?
Brookfield Properties 25 65.79%
Extell Development Company 2 5.26%
Tishman Speyer Properties and Morgan Stanley 0 0%
Related Companies 7 18.42%
Durst Organization and Vornado Realty Trust 4 10.53%
Voters: 38. You may not vote on this poll

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Old January 26th, 2008, 08:37 PM   #101
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sorry edit
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Old January 27th, 2008, 10:08 PM   #102
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Amazing ! New York never stops, always having room for new development.
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Old January 29th, 2008, 07:13 AM   #103
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Which will be done first? Atlantic or Hudson Yards?
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Old February 27th, 2008, 05:36 AM   #104
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The one I liked the most.


One of 5 Bidders Backs Off on Building Over Railyards


By CHARLES V. BAGLI
Published: February 27, 2008

One of the five bidders for the development rights over the West Side railyards failed to submit a revised offer on Tuesday for the tract, the largest development site in Manhattan.

The bidder, Brookfield Properties, said that it still believed in the viability of the West Side site, but that it was going to focus on a separate project, on Ninth Avenue.

Four other companies submitted their second-round offers on Tuesday, although they expressed concerns about a softening economy and the difficulty in financing large real estate projects today. The companies are loath to talk publicly about their bids for fear of alienating the owner, the Metropolitan Transportation Authority.

“We made the changes we had to make,” one developer said, asserting that the value of his bid had remained unchanged. “The economics remain the same.”

But it was unclear what guarantees each developer provided the transportation authority that it would start and complete the project.

The railyards, which sit on both sides of 11th Avenue, between 30th and 33rd Streets, represent both a huge 26-acre opportunity for developers and an enormous risk, because the winner must spend three years and $1.5 billion building a platform over the yards before erecting any tower.

City and state officials view the project, which would take more than a decade to complete, as a key to transforming the once-industrial neighborhood into a vibrant commercial and residential district. The transportation authority has said that it wants to pick a winner by mid-March.

Three of the bidders have said that they have agreements with anchor tenants that would presumably help ensure their ability to move forward regardless of the economy. To test the solidity of those agreements, the transportation authority has asked bidders to provide documentation on the terms of those deals.

A partnership of the Durst Organization and Vornado Realty Trust has a tentative agreement with Condé Nast Publications, the magazine publisher whose headquarters are in Times Square. And Related Companies, one of the city’s largest residential builders, has proposed building a headquarters complex for the News Corporation, which owns The Wall Street Journal, The New York Post and the Fox television network.

Tishman Speyer Properties has formed a partnership with Morgan Stanley, the global investment bank, to build new headquarters and to finance the project. But the investment bank wants to be able to move into a tower in the next couple of years; otherwise it may drop out.

One other active developer, Extell Development Company, also submitted an offer.

Richard B. Clark, chief executive of Brookfield, said yesterday that he hoped to continue a dialogue with the transportation authority. The move seemed to leave open the possibility, however faint, that Brookfield could form a partnership with one of the remaining bidders.

In any event, Mr. Clark said that Brookfield was making a $600 million investment in building a three-acre platform over a site on Ninth Avenue, between 31st and 33rd Streets, where it plans eventually to build two large office towers.

In January, the transportation authority told bidders that it would prefer to lease the development rights, rather than sell them outright as it had initially indicated. The change drew complaints from the bidders at a moment when some economists were predicting a recession.

A lease would allow the M.T.A. to raise the rent periodically, but it might also make it more difficult to gauge the value of the offers, because each bidder could use a different set of variables to estimate the net present value of the lease.

Depending on how the bidders arrange the sequence of payments, it may also be some time before the authority gets a substantial amount of money from the project. At one time, the authority had planned to raise $1 billion from the sale or lease of the property for its current capital budget.

The transportation authority told bidders in January that their second bids would be used to eliminate proposals that did not fall within a competitive range and to commence negotiations with the remaining bidders.


http://www.nytimes.com/2008/02/27/ny...l?ref=nyregion
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Old March 26th, 2008, 07:16 PM   #105
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http://money.cnn.com/news/newsfeeds/...3-24038346.htm

Quote:
A developer that owns Manhattan's Rockefeller Center and the Chrysler Building has been chosen to transform a desolate neighborhood along the Hudson River into a new business district of office towers, apartments and parks.

Tishman Speyer Properties LP, with an offer just over $1 billion, outbid a joint venture of The Durst Organization and Vornado Realty Trust. (NYSE:VNO PRE) (NYSE:VNO PRH) (NYSE:VNO PRF) (NYSE:VNO PRI) (NYSE:VNO PRG) (NYSE:VNO PRA) (NYSE:VNO) The deal is for redeveloping a 26-acre, government-owned rail yard property on Manhattan's far West Side.

The Metropolitan Transportation Authority, which owns the yards, approved the choice at a board meeting Wednesday.
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Old May 9th, 2008, 06:09 PM   #106
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Deal to Build at Railyards on West Side Collapses

By CHARLES V. BAGLI
Published: May 9, 2008
nytimes.com

Six weeks after the Metropolitan Transportation Authority selected Tishman Speyer Properties to build a vast complex of office towers, apartment buildings and parks over the railyards on the West Side of Manhattan, the deal has fallen apart.

Gary Dellaverson, the authority’s chief financial officer, said the negotiations foundered Thursday afternoon after Tishman Speyer insisted on changing the terms of the $1 billion development, which both parties had agreed to on March 26.

The change would have substantially slowed the flow of millions of dollars in annual rent and fees to the authority and introduced a note of uncertainty about the pace of construction at the 26-acre site, which straddles 11th Avenue between 30th and 33rd Streets, he said.

“We were unable to reach a meeting of the minds,” Mr. Dellaverson said. “At this point, there is no agreement between Tishman Speyer and the M.T.A. The M.T.A. remains committed to the development of the West Side yards.”

Robert Lawson, a spokesman for Tishman Speyer, said, “This is a highly complicated deal and we have been negotiating in good faith with the M.T.A. for several weeks.”

“We share the same goal as the M.T.A. and the city, to transform Hudson Yards into a successful and vibrant community,” he added. “We still hope to be able to complete this deal and reach an agreement that satisfies the needs of everyone.”

Mr. Dellaverson said he had agreed to a request from Tishman Speyer, which controls Rockefeller Center and has projects in India, China and Brazil, for a meeting on Monday, which seemed to leave open at least a faint possibility that the deal could be put back together. But he also said that the authority was considering whether to reopen negotiations with one or more of the four other developers who had bid nearly $1 billion each for the development rights.

But if the authority reopened negotiations with another bidder, it would almost certainly mean that it would get less money for the rights to the property, real estate executives said.

Developers who a year ago would have gleefully bid any price for a building or a project are now delaying or abandoning projects in New York and elsewhere as the economy has slowed and many lenders have balked at financing real estate projects in the wake of the credit crisis.

At the same time, the sudden setback in the development of the railyards is a very public embarrassment for everyone involved, including the developer, whose reputation may be at risk; the authority, which was counting on the money for its capital budget; and the Bloomberg administration, which had made the transformation of the once-industrial West Side a centerpiece of its two-term mayoralty.

“It would be a real tragedy for the city if the project did not proceed now,” said Douglas Durst, who had bid for the property in partnership with Steven Roth, chairman of Vornado Realty Trust. “The M.T.A. must find a way to keep the momentum going.”

Deputy Mayor Robert C. Lieber also expressed disappointment that the deal had fallen apart. “It’s very disappointing that six weeks after the M.T.A. picked its proposal from a pool of viable competitors, a deal with Tishman Speyer could not be worked out, but our commitment to transforming the Hudson Yards into a vibrant, mixed-use district remains unchanged,” he said. “We will do everything possible to keep the redevelopment process moving forward.”

But critics of the deal said that it should never have been made, especially since the financing for a key element for West Side development, the extension of the No. 7 subway line, had not been resolved. At the same time, plans for the expansion of the nearby Javits Convention Center had collapsed. And given the sour real estate market, critics said the developer was getting an inexpensive development option.

“This deal was unhealthy from the get-go,” said Assemblyman Richard L. Brodsky. “It never met the needs of the M.T.A.’s capital plan. The 7-line commitments were never sustainable. And in the end, every single West Side project is in various state of collapse.”

Still, Jerry I. Speyer, chief executive of Tishman Speyer, is flying from Milan, where he is meeting with investors, to London on Friday to meet with Mayor Michael R. Bloomberg, according to one city official, who requested anonymity. Mr. Speyer’s son, Rob, who is also in Milan, had overseen the negotiations, clashing with city and state officials before ultimately withdrawing from the deal, the official said.

The railyards do represent a rare find in Manhattan, especially in Midtown — a large undeveloped parcel near the waterfront. Over the last five years, New York has undergone an explosion in residential development fed by a seemingly insatiable desire for housing at any price.

But the railyards also present a challenge. Any developer would have to build platforms, columns and foundations over the tracks, at a cost of $2 billion, before the first building could be erected. In addition, the yard on the west side of 11th Avenue must go through the city’s land use review process and an environmental review, a process that could take 18 months.

Tishman Speyer had developed a plan calling for four or five major office towers and seven apartment buildings with a total of 3,053 apartments, as well as 13 acres of open space, a school and a cultural institution. But shortly before the transportation authority selected Tishman Speyer, it lost its financial partner and its anchor tenant, Morgan Stanley.

In recent weeks, Tishman Speyer scoured the market for a potential tenant, to no avail. Even two companies that had been allied with other bidders for the project, Condé Nast Publications and the News Corporation, turned it down, according to real estate executives who were briefed on the negotiations.

The developer also jettisoned its designs by the architect Helmut Jahn of Chicago, the executives said. The authority had initially said it would sign a conditional agreement with Tishman Speyer in early April. But in recent weeks, it repeatedly postponed its deadline. Indeed, one minute before a 5 p.m. deadline on Wednesday, the authority agreed to stop the clock in a final effort to resolve the differences.

The developer was also negotiating with city officials over other promised West Side projects, including the subway line. If the cost of the subway exceeded $2.1 billion, Tishman Speyer wanted assurances that either the state or the city would provide additional financing. It never got them.
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Old May 9th, 2008, 06:23 PM   #107
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Deal to Build at Railyards on West Side Collapses

By CHARLES V. BAGLI
Published: May 9, 2008
nytimes.com

Six weeks after the Metropolitan Transportation Authority selected Tishman Speyer Properties to build a vast complex of office towers, apartment buildings and parks over the railyards on the West Side of Manhattan, the deal has fallen apart.

Gary Dellaverson, the authority’s chief financial officer, said the negotiations foundered Thursday afternoon after Tishman Speyer insisted on changing the terms of the $1 billion development, which both parties had agreed to on March 26.

The change would have substantially slowed the flow of millions of dollars in annual rent and fees to the authority and introduced a note of uncertainty about the pace of construction at the 26-acre site, which straddles 11th Avenue between 30th and 33rd Streets, he said.

“We were unable to reach a meeting of the minds,” Mr. Dellaverson said. “At this point, there is no agreement between Tishman Speyer and the M.T.A. The M.T.A. remains committed to the development of the West Side yards.”

Robert Lawson, a spokesman for Tishman Speyer, said, “This is a highly complicated deal and we have been negotiating in good faith with the M.T.A. for several weeks.”

“We share the same goal as the M.T.A. and the city, to transform Hudson Yards into a successful and vibrant community,” he added. “We still hope to be able to complete this deal and reach an agreement that satisfies the needs of everyone.”

Mr. Dellaverson said he had agreed to a request from Tishman Speyer, which controls Rockefeller Center and has projects in India, China and Brazil, for a meeting on Monday, which seemed to leave open at least a faint possibility that the deal could be put back together. But he also said that the authority was considering whether to reopen negotiations with one or more of the four other developers who had bid nearly $1 billion each for the development rights.

But if the authority reopened negotiations with another bidder, it would almost certainly mean that it would get less money for the rights to the property, real estate executives said.

Developers who a year ago would have gleefully bid any price for a building or a project are now delaying or abandoning projects in New York and elsewhere as the economy has slowed and many lenders have balked at financing real estate projects in the wake of the credit crisis.

At the same time, the sudden setback in the development of the railyards is a very public embarrassment for everyone involved, including the developer, whose reputation may be at risk; the authority, which was counting on the money for its capital budget; and the Bloomberg administration, which had made the transformation of the once-industrial West Side a centerpiece of its two-term mayoralty.

“It would be a real tragedy for the city if the project did not proceed now,” said Douglas Durst, who had bid for the property in partnership with Steven Roth, chairman of Vornado Realty Trust. “The M.T.A. must find a way to keep the momentum going.”

Deputy Mayor Robert C. Lieber also expressed disappointment that the deal had fallen apart. “It’s very disappointing that six weeks after the M.T.A. picked its proposal from a pool of viable competitors, a deal with Tishman Speyer could not be worked out, but our commitment to transforming the Hudson Yards into a vibrant, mixed-use district remains unchanged,” he said. “We will do everything possible to keep the redevelopment process moving forward.”

But critics of the deal said that it should never have been made, especially since the financing for a key element for West Side development, the extension of the No. 7 subway line, had not been resolved. At the same time, plans for the expansion of the nearby Javits Convention Center had collapsed. And given the sour real estate market, critics said the developer was getting an inexpensive development option.

“This deal was unhealthy from the get-go,” said Assemblyman Richard L. Brodsky. “It never met the needs of the M.T.A.’s capital plan. The 7-line commitments were never sustainable. And in the end, every single West Side project is in various state of collapse.”

Still, Jerry I. Speyer, chief executive of Tishman Speyer, is flying from Milan, where he is meeting with investors, to London on Friday to meet with Mayor Michael R. Bloomberg, according to one city official, who requested anonymity. Mr. Speyer’s son, Rob, who is also in Milan, had overseen the negotiations, clashing with city and state officials before ultimately withdrawing from the deal, the official said.

The railyards do represent a rare find in Manhattan, especially in Midtown — a large undeveloped parcel near the waterfront. Over the last five years, New York has undergone an explosion in residential development fed by a seemingly insatiable desire for housing at any price.

But the railyards also present a challenge. Any developer would have to build platforms, columns and foundations over the tracks, at a cost of $2 billion, before the first building could be erected. In addition, the yard on the west side of 11th Avenue must go through the city’s land use review process and an environmental review, a process that could take 18 months.

Tishman Speyer had developed a plan calling for four or five major office towers and seven apartment buildings with a total of 3,053 apartments, as well as 13 acres of open space, a school and a cultural institution. But shortly before the transportation authority selected Tishman Speyer, it lost its financial partner and its anchor tenant, Morgan Stanley.

In recent weeks, Tishman Speyer scoured the market for a potential tenant, to no avail. Even two companies that had been allied with other bidders for the project, Condé Nast Publications and the News Corporation, turned it down, according to real estate executives who were briefed on the negotiations.

The developer also jettisoned its designs by the architect Helmut Jahn of Chicago, the executives said. The authority had initially said it would sign a conditional agreement with Tishman Speyer in early April. But in recent weeks, it repeatedly postponed its deadline. Indeed, one minute before a 5 p.m. deadline on Wednesday, the authority agreed to stop the clock in a final effort to resolve the differences.

The developer was also negotiating with city officials over other promised West Side projects, including the subway line. If the cost of the subway exceeded $2.1 billion, Tishman Speyer wanted assurances that either the state or the city would provide additional financing. It never got them.
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Old May 10th, 2008, 01:39 PM   #108
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I actually prefer the site the way it is now. I love being able to look into the entrance of the yard and see 20 LIRR trains chillin out ready to go into service, or just come back from a ~120 mile run. There are all ready enough buildings in that area to create a serious wind tunnel effect down 30, 31, 32, and 33rd streets. I can't imagine how much worse it will be with this being constructed. Why can't they leave the west side alone? I prefer the taller buildings to be more in the middle of the island, not at the edge.

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Old May 10th, 2008, 03:53 PM   #109
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Can you please move to a forum with other conservatives where you don't annoy other people...
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Old May 10th, 2008, 04:11 PM   #110
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Damn this projects gorgeous...
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Old May 10th, 2008, 11:48 PM   #111
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Best project after WTC in NY
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Old May 11th, 2008, 07:06 AM   #112
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Quote:
Originally Posted by Skyscrapercitizen View Post


Can you please move to a forum with other conservatives where you don't annoy other people...
You have no idea who i am, please leave me alone if you have nothing to say.

Also, you live in europe, i live 60 miles away, and go to this area every week, and used to live there. I think that makes my input slightly more relevant to the situation. As far as "annoying people" get over it. Not everyone is going to agree with everyone else. And as far as going somewhere else, maybe you should look at how you're acting, and think about what you're typing before you push that post now button.

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Old May 11th, 2008, 07:24 PM   #113
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Quote:
Originally Posted by metsfan View Post
You have no idea who i am, please leave me alone if you have nothing to say.

Also, you live in europe, i live 60 miles away, and go to this area every week, and used to live there. I think that makes my input slightly more relevant to the situation. As far as "annoying people" get over it. Not everyone is going to agree with everyone else. And as far as going somewhere else, maybe you should look at how you're acting, and think about what you're typing before you push that post now button.

- Andy
did talb invite you here? this is a pro-development forum- not a home for nimbys. and no you do not pay city taxes so no you do not have a say in what does and what doesn't get built. you can have an opinion, but it stops there
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Old May 12th, 2008, 01:26 AM   #114
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did talb invite you here? this is a pro-development forum- not a home for nimbys. and no you do not pay city taxes so no you do not have a say in what does and what doesn't get built. you can have an opinion, but it stops there
You know, i really am tired of people going off topic to try and talk down to others. Leave me alone with your flame/personal attack posts and keep your comments to PM instead of acting like a baby when you disagree with someone. I don't like any of the ideas, i think it would be cool if the middle of manhattan was developed so you can actually see the buildings from NJ/the hudson instead of seeing only a handful of cold corporate whoreboxes that don't respect the history of a historically low-rise section called hell's kitchen. I am all for progress, change, but with serious thought and innovation to it, not just new for the sake of new. And again i state, you do not know anything about me, or my ideas. It doesn't matter what taxes i pay, i frequent the place in question, and many of my friends work for the LIRR and they do not look forward to working in a catacomb that is now fully open to the sky. Excuse me for using logic, common sense, research, and actual real life in person experiences vs "BUILD BUILD BUILD BUILD WHO CARES BUILD". Ever heard of smart growth? I guess not. When you can talk to me as an equal with respect and facts, then come back, till then... please.. just leave me alone. Thank you.

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Old May 14th, 2008, 03:04 AM   #115
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According to an Australian Newspaper (The Australian Financial Review) this project is now on hold and the architects and Bloomberg will be meeting for discussions this week re: this project in London. There is also an australian developer or investor involved.
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Old May 14th, 2008, 07:08 PM   #116
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City Revisits Old Bidders After Railyards Deal Fails

By CHARLES V. BAGLI
Published: May 14, 2008
nytimes.com

Mayor Michael R. Bloomberg’s last-ditch effort to revive his ambitious plans for the West Side railyards ended on Tuesday after Tishman Speyer Properties failed to come to terms with the Metropolitan Transportation Authority on a $1 billion deal.

In an attempt to salvage the project, the transportation authority quickly reopened talks that same day with four other developers — Douglas Durst, Extell Development Company, Stephen M. Ross and Steven Roth — who had also bid for the rights to build a small city of office towers and apartment houses on a platform over the 26-acre railyards.

But even if a new deal can be struck, it will almost certainly be for less than the $1 billion promised by Tishman Speyer, real estate executives said, because the uncertainty created by the sluggish economy and tight credit markets has only grown since Tishman Speyer won the bidding in March. Most lenders have become skeptical about real estate and are increasingly refusing to finance speculative projects.

“It’s an exciting and important project for New York City,” said Jordan Barowitz, a spokesman for Mr. Durst, who in March had offered $39 million less than Tishman Speyer. “We would be interested in resuming discussions on its development.”

The authority and Tishman Speyer had broken off talks last week when they were unable to complete a conditional designation letter, the next step in reaching a formal contract to build 13 million square feet of office towers, apartment houses and parks over the railyards, which lie on both sides of 11th Avenue between 30th and 33rd Streets.

M.T.A. officials said they ended negotiations after Tishman Speyer tried to change the terms of the March 26 agreement in ways that would have reduced rent payments to the authority in the early years and made it easier for the developer to abandon the project.

Last Friday, Jerry I. Speyer and his son, Rob Speyer, who run Tishman Speyer, flew to London from Milan to meet with Mayor Bloomberg, who urged them to go back to the negotiating table. Although the city does not own the railyards, the development of the site is a key element in the mayor’s most ambitious municipal initiative: the transformation of the once industrial Far West Side into the city’s next glass-and-steel business district.

Rob Speyer, president of Tishman Speyer, issued a statement thanking Mayor Bloomberg for his efforts to facilitate a deal, while saying that his company and the authority were unable to “come to a final agreement that was satisfactory to both of us.”

Jeremy Soffin, a spokesman for the authority, said in a statement that the transportation authority “remains committed to timely development of these unique and valuable parcels of land on Manhattan’s Far West Side.”

Mr. Speyer’s statement said: “This morning we informed the M.T.A. that we are withdrawing from the process immediately so it can proceed in another direction. We appreciate the M.T.A.’s commitment to develop Hudson Yards into a great place for New York and wish it the best as it pursues other alternatives.”

Mayor Bloomberg expressed disappointment at the turn of events, but insisted that the railyard site “represents one of New York City’s best opportunities.”

The City Council president, Christine C. Quinn, echoed the mayor’s view, saying: “Even in these challenging economic times, the western railyards present a once in a lifetime development opportunity.”

Assemblyman Richard L. Brodsky and other critics, however, say the authority should wait for the economy to improve, while working with a plan to coordinate all the activity on the West Side. “These deals are breaking down because the governance system for authorities doesn’t work and because the public subsidies are out of control,” said Mr. Brodsky, a Democrat from Westchester. “We need a time out before this disaster repeats itself everywhere else.”

The rezoning of a 50-block swath of the West Side for high-rise development in 2005 helped to prompt construction of a number of residential towers. But other elements of the West Side redevelopment plan now lie in a shambles. The state abandoned the long-awaited expansion of the nearby Jacob K. Javits Convention Center this year, and plans for a major transformation of the neighborhood surrounding Pennsylvania Station collapsed in March.

Even before it won the bidding, Tishman Speyer lost its anchor tenant and financial partner, the investment bank Morgan Stanley, when the bank pulled out of the project. The developer then tried to alter the very things that the authority viewed as critical to the deal: certainty of payment and completion of the project.

Tishman Speyer sought unsuccessfully to delay closing on the rights over the yard on the east side of 11th Avenue until it got a zoning change for the western yard, a process that could take 18 months. Under the terms of the deal struck in March, Tishman Speyer would have paid $18.8 million at the closing for the eastern yard later this year, and $24.7 million for the western yard sometime in 2009 or 2010.
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Old May 20th, 2008, 08:08 AM   #117
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I guess no one caught the fact that there was a deal made with a different developer and the project has a green light. I am really curious as to how the platform will be constructed without disrupting LIRR operations.

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Last edited by metsfan; May 20th, 2008 at 08:23 AM.
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Old May 21st, 2008, 01:12 AM   #118
Xusein
 
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Hopefully the plan stays on, IMO.
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Old May 21st, 2008, 01:16 AM   #119
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Incase anyone forgot Related's proposal for the Hudson Yards, here it is again:
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Originally Posted by krull View Post
Ok I went to that place, and took some photos...

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Old May 21st, 2008, 02:29 AM   #120
storms991
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Too much green. Green belongs in parks, not cities.
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