As GlobeSt.com reported on Monday, the deal is essentially thesame as the one which had collapsed a weekearlier, after MTA and Tishman Speyer reached an impasse over theWestern Rail Yard, which still needs to go through the fullrezoning process. At a news conference on Monday, Elliot G. Sander,MTA's executive director, noted that the need to rezone the WesternRail Yard was not an issue for Related as it had been for Tishman,"so we were able to proceed at the point where we had leftoff."
Stephen Ross, chairman of Related, said at Monday's newsconference that his company was so enthusiastic about a secondchance at the Hudson Yards project that it stepped up to the plateeven without an anchor tenant to replace News Corp., which walkedaway from the project 24 hours before final bids were due. "When wegot a second opportunity, we didn't waste any time," Ross said. "Wejumped on it."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
