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Yardsmania: Morgan Stanley Dumps Tishman Speyer

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Remember the glorious image above? Helmut Jahn and Peter Walker's vision of a "town square" surrounded by gleaming new skyscrapers, apartments and community facilities? It's the stuff dreams are made of, and in the end, a dream is precisely what it is. Charles Bagli reports in the Times today that Morgan Stanley, Tishman Speyer's anchor tenant in its bid for the development rights at the Hudson Yards, has dropped out of the plan over concerns that the company's new headquarters would not be built in time for a 2013 move-in. This comes on the heels of Brookfield Properties' departure from the Hudson Yards race, and the MTA's revised demands for the property. Tishman Speyer has not withdrawn its bid, but this could be a crushing blow. The latest series of events can be looked at in two ways: 1) The Hudson Yards are reeling due to the MTA's demands and the credit crunch, or 2) We're that much closer to Murdochville, baby! Wooooooooooo! MySpace! MySpace! MySpace!
· Morgan Stanley Retreating From Railyards Development [NYT]
· Late-Breaking CurbedWire: Brookfield Out at Hudson Yards [Curbed]
· Yardsmania Stunner: MTA Wants Bigger Piece of the Pie [Curbed]