NEW YORK CITY-Shovels will begin moving dirt soon at the Hudson Yards redevelopment on Manhattan’s Far West Side under a modified contract approved Wednesday by the Metropolitan Transportation Authority’s board of directors. The revised contract allows Related Cos. to begin foundation work on the headquarters for Coach Inc. before closing on its deal with the MTA for the 26-acre site.

In exchange, though, Related is committing for the first time to a firm closing date: June 1, 2013. Previously, the developer had the right to hold off signing on the dotted line for the Eastern Rail Yard portion of the site, and begin paying rent on its 99-year lease, until three triggers in the city’s real estate market were met: Midtown’s office availability rate declining to 11%, apartment sale prices reaching an average $1,200 per square foot and the AIA Architectural Billings Index hitting 50. The three markers have not yet been met.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.