Less than seven weeks after the Metropolitan Transit Authority selected Tishman Speyer to redevelop the Hudson Yards, the agency and the real estate developer have revealed that the deal has fallen through. According to various news outlets (including The New York Times), negotiations came to a halt over funding and the economic climate, as well as rezoning issues for the West Side's 26-acre lot.
The MTA released this official statement yesterday: “The MTA met today with Tishman Speyer. Despite the best efforts of both sides, a final agreement could not be reached. The MTA has now re-entered discussions with other interested developers and remains committed to timely development of these unique and valuable parcels of land on Manhattan's far West Side.”
Mayor Michael Bloomberg, who met with Tishman Speyer representatives to encourage talks to resume after they broke off last week, had this to say on the matter: “I am disappointed a deal could not be made with Tishman Speyer to develop the Hudson Yards. This site represents one of New York City's best opportunities, and we will work with the MTA to move forward with another developer and ensure the potential of the area is realized.”
Previous bids now under consideration are likely to include those from the Durst Organization and Vornado Realty Trust (the latter is redeveloping Pier 94), Extell Development Company, and Brookfield Properties Corporation.