GlobeSt.com sources have continued to say that the area has tremendous upside and its development is certain. One industry insider tells GlobeSt.com that they "didn't see this one coming," in reference to the Related Cos. signing the deal, while last week another source predicted to GlobeSt.com that if anyone could get it done, it would be someone like the Related Cos.
In recent weeks, many were disappointed that the $1 billion deal with Tishman Speyer to develop the 26-acre site fell through, as GlobeSt.com reported. "This site represents one of New York City's best opportunities, and we will work with the MTA to move forward with another developer and ensure the potential of the area is realized," Mayor Michael Bloomberg said in a prepared statement last week. The MTA confirmed, at the time, that they would reopen talks with all three of the development teams that lost to Tishman. Those developers include Related, a JV between the Durst Organization and Vornado Realty Trust, and Extell Development.
According to published reports, which quote one government office and a real estate executive that was briefed on the deal, a deal was signed between Related and the MTA on Sunday night to "develop 12 million sf of office towers, apartment buildings and parks" over the railyards on 11th Avenue between 30th and 33rd streets. GlobeSt.com will update the news following this afternoon's press conference.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
