{"id":1003801467,"date":"2008-05-09T12:00:00","date_gmt":"2008-05-09T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/05\/09\/mta-tishman-speyer-hit-roadblock-on-hudson-yards-talks\/"},"modified":"2022-12-09T02:32:12","modified_gmt":"2022-12-09T10:32:12","slug":"mta-tishman-speyer-hit-roadblock-on-hudson-yards-talks","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mta-tishman-speyer-hit-roadblock-on-hudson-yards-talks\/","title":{"rendered":"MTA, Tishman Speyer Hit Roadblock on Hudson Yards Talks"},"content":{"rendered":"

The massive redevelopment of rail yards on Manhattan\u2019s Far West Side is in limbo after talks between Tishman Speyer Properties and a local transit agency broke down late yesterday afternoon. The surprise announcement puts in doubt the Metropolitan Transportation Agency\u2019s plan to create a mixed-use community above 26-acre portion of rail yards the agency owns between 30th and 33rd Streets near the Hudson River. In late March, the MTA selected Tishman Speyer\u2019s $1 billion bid to build up to 10 million square feet of office space, 550,000 square feet of retail, 3,000 residential units and 13 acres of open space. The project was to rise on a $2 billion platform above the rail yards, which would remain functional. In a statement yesterday, MTA reported that the discussions had broken down over Tishman Speyer\u2019s request for a re-zoning of the 13-acre western portion of the yards before the firm closed on the acquisition of the eastern 13 acres, which are already rezoned. \u201cThis demand changed the economics of the proposed deals and the certainty of payments to the MTA,\u201d the agency added. \u201cThe MTA remains committed to developing these unique and very valuable parcels of land.\u201d \u00a0For its part, Tishman Speyer indicated that it has not given up on the prospect of redeveloping the site. \u201cThis is a highly complicated deal and we have been negotiating in good faith with the MTA for several weeks,\u201d the firm said in a statement. \u201cWe still hope to be able to complete this deal and reach an agreement that satisfies the needs of everyone.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The massive redevelopment of rail yards on Manhattan\u2019s Far West Side is in limbo after talks between Tishman Speyer Properties and a local transit agency broke down late yesterday afternoon. The surprise announcement puts in doubt the Metropolitan Transportation Agency\u2019s plan to create a mixed-use community above 26-acre portion of rail yards the agency owns…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003801467","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nMTA, Tishman Speyer Hit Roadblock on Hudson Yards Talks - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mta-tishman-speyer-hit-roadblock-on-hudson-yards-talks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MTA, Tishman Speyer Hit Roadblock on Hudson Yards Talks\" \/>\n<meta property=\"og:description\" content=\"The massive redevelopment of rail yards on Manhattan\u2019s Far West Side is in limbo after talks between Tishman Speyer Properties and a local transit agency broke down late yesterday afternoon. 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