As endangered NYC megaprojects go, the Hudson Yards project's collapse, while predictable by some, would nonetheless be...uh...somewhat unpleasant, particularly for the MTA which is counting on $1 billion, give or take, from the deal. It's now 9 days before the contract deadline and MTA CEO Elliot Sander is describing the negotiations with the Related Companies as "very sensitive." (The MTA is also having a hard time getting Bruce Ratner to cough up the $100 million for Atlantic Yards.) Related is supposed to put down a $50 million deposit next week. Related's Stephen Ross was among those lobbying Congress last month for a $350 billion bailout for the development industry so developers could refinance loans. On the other hand, he just bought the Miami Dolphins for $1.1 billion and one Miami paper opined, "What a country we have, where Ross can ask for hundreds of millions in welfare with one hand and plan to buy a $1.1 billion football toy with the other." Related says that Hudson Yards "continues to move forward." The city is spending $2 billion to extend the 7 Line to the Yards, spending described at one time as "the best investment in our future." And if the deal falls apart? Uh, back to the drawing boards.
· MTA in Rail Yard Trouble [Metro]
· Face It Hudson Yards: Related Just Not That Into You [Curbed]
· Hudson Yards Coverage [Curbed]