reported

The parties "could not come to a final agreement that was satisfactory to both of us," says Bob Speyer, Tishman's president, in a statement. "This morning we informed the MTA that we are withdrawing from the process immediately so it can proceed in another direction."

Central to the snag was a Tishman proposal to "change a central deal term in an effort to postpone the closing on the Eastern Yard until the Western Yard was satisfactorily rezoned," according to at MTA statement last week. The organization claims that this impacted the certainty of it receiving payments.

Tishman was proposing to build up to 10 million sf of offices, 550,000 sf of retail, 3,000 residential units and 13 acres of open space on 11th Avenue between 30th and 33rd streets.