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(Read more on the industrial market and more on the multifamily market.)

NEW YORK CITY-Five developers submitted proposals for the right to build on the MTA-owned Hudson Yards property on the West Side that was once slated to be the home of New York Jets Stadium. As GlobeSt.com previously reported, among the proposals are new headquarters for Conde Nast Publications among other mixed-use developments including parks, green areas, commercial skyscrapers as tall as 70 stories, more than 4,600 apartments and a cultural center and more.

An MTA spokesman notes that all five bidders submitted proposals for both the Eastern and Western Yards in a release following the 5 p.m. deadline yesterday. The bidders include Extell Development Co., Brookfield Properties Developer LLC, the Related Cos., TS West Side Holding LLC–a joint venture of Tishman Speyer and Morgan Stanley, Hudson Center East LLC, and Hudson Center West LLC–a joint venture of Vornado Realty Trust and the Durst Organization Inc..

As GlobeSt.com previously reported when Gov. Eliot Spitzer, Mayor Michael Bloomberg, New York Council Speaker Christine Quinn, and MTA director and CEO Elliot Sander opened the two Requests for Proposals in July, construction won’t be cheap. Any builder would have to spend up to $1 billion to put platforms over the LIRR tracks on the east and west sides of 11th Avenue before putting up any buildings, while trains continue to move in and out of the yards

The proposals will now be evaluated by MTA staff in conjunction with the Hudson Yards Development Corp., and then reviewed by a selection committee with a majority of its members appointed by MTA and with two representatives from Hudson Yards Development Corp.

According to the MTA release, the recommended proposal(s) for each yard will then go to the MTA board for consideration in the first quarter of 2008. Information on the design proposals will be made available for public review and comment prior to the submission of the Selection Committee’s recommendations to the board.

The release notes that the MTA is committed to engaging the public in the design review process in a meaningful way. No further details of the proposals were made public.

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