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Sources: Despite Delays, West Side Build Certain

NEW YORK CITY-As Tishman Speyer, MTA and Mayor Bloomberg continue to negotiate the Hudson Yards $1 billion deal, insiders say the West Side has incredible upside.

By Natalie Dolce | Updated on May 09, 2008

NEW YORK CITY-As GlobeSt.com reported Friday, New York’s MTA revealed that talks with Hudson Yards developer Tishman Speyer had “reached an impasse .” However, despite delays, and continued negotiations, sources agree that the area has tremendous upside and its development is inevitable.

In late March, the MTA, who owns the 26 acres of rail yards here on either side of 11 Avenue between 30th and 33rd streets along the Hudson River, selected Tishman Speyer’s $1-billion bid to build up to 10 million sf of office space, 550,000 sf of retail, 3,000 residential units and 13 acres of open space. As GlobeSt.com previously reported, according to an MTA statement on Thursday afternoon, “the cause of the impasse was Tishman Speyer’s attempt to change a central deal term in an effort to postpone the closing on the Eastern Yard until the Western Yard was satisfactorily rezoned.”

The statement further noted that “this demand changed the economics of the proposed deals and the certainty of payments to the MTA.” The statement also said that the MTA “remains committed to developing these unique and very valuable parcels of land.”

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