GlobeSt.com sources have continued to say that the area hastremendous upside and its development iscertain. 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 toGlobeSt.com that if anyone could get it done, it would be someonelike the Related Cos.
In recent weeks, many were disappointed that the $1 billion dealwith Tishman Speyer to develop the 26-acre site fell through, asGlobeSt.com reported. "This site represents one of New York City'sbest opportunities, and we will work with the MTA to move forwardwith another developer and ensure the potential of the area isrealized," Mayor Michael Bloomberg said in a prepared statementlast week. The MTA confirmed, at the time, that they would reopentalks with all three of the development teams that lost to Tishman.Those developers include Related, a JV between the DurstOrganization and Vornado Realty Trust, and Extell Development.
According to published reports, which quote one governmentoffice and a real estate executive that was briefed on the deal, adeal was signed between Related and the MTA on Sunday night to"develop 12 million sf of office towers, apartment buildings andparks" over the railyards on 11th Avenue between 30th and 33rdstreets. GlobeSt.com will update the news following thisafternoon'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.
