File photo. Hudson Rail yards. Photo by Mario Tama/Getty Images
Posted: Thursday, 08 May 2008 8:34PM
NO DEAL: $1 Billion West Side Rail Yard Development
NEW YORK (AP) -- A $1 billion deal to build skyscrapers, apartments and parks over rail yards on Manhattan's far West Side appears to have collapsed.
The Metropolitan Transportation Authority says negotiations to finalize the deal reached six weeks ago with Tishman Speyer Properties ``reached an impasse'' late Thursday afternoon.
The transit agency owns the 26 acres of railyards along the Hudson River. Tishman Speyer won a bidding war that took over six months, agreeing to pay over $1 billion for development rights.
But the MTA says that before completing the deal, Tishman Speyer tried to postpone closing on rights to half of the property until the other half of it was rezoned to allow the development.
An MTA spokesman says Tishman no longer retains the development rights to the Hudson yards.
Tishman Speyer the developer that owns Rockefeller Center and the Chrysler Building has no immediate comment.
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