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Yardsmania: It's Official!

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The worst kept secret in New York is no longer a secret: With a bid of $1.004 billion, Tishman Speyer has won the rights to develop the MTA's Hudson Yards. The bid was $112 million higher than the joint bid from the Durst Organization and Vornado Realty Trust. Tishman's plan calls for 10 million square feet of office space, 3 million square feet of housing and 13 acres of open space. Next up: a very messy land use approval process (a zoning change is needed to develop the west side of the plot) and the construction of a $1.5 billion platform over the train tracks. [Crain's; Curbed's Hudson Yards coverage]