Extell is a Boston-based development group, while Carlyle has its headquarters in Washington, DC. None of the principal players commented on the tentative deal.

The West Side has been a hotbed for development projects of late. The city is planning for the 40-year redevelopment the Hudson Yards area that involves the 59-block area from West 30th Street to West 43rd Street, and Seventh and Eighth avenues to 12th Avenue. The approved plan includes, bringing it to 26 million sf in commercial development in addition to residential and affordable housing programs to produce or preserve approximately 2,600 affordable housing units with a total of 13,600 new units.

Also on the West Side is the "Convention Corridor" which includes plans for an expanded and updated Jacob K. Javits Center and, possibly, the $1 billion New York Sports and Convention Center, a multi-use stadium that would be a home for the New York Jets.