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May 10, 2008

Hudson Yards plan snagged by lowered revenues; new plan might involve multiple developers

Atlantic Yards Report

When it comes to megadevelopments, it may be better for developers to lock in the deal, then declare (and even negotiate) a flexible timetable, as with Atlantic Yards.

The negotiations over the Hudson Yards project are a notable counterexample. In an article yesteday headlined Deal to Build at Railyards on West Side Collapses, the New York Times reported:
Six weeks after the Metropolitan Transportation Authority selected Tishman Speyer Properties to build a vast complex of office towers, apartment buildings and parks over the railyards on the West Side of Manhattan, the deal has fallen apart.


Posted by amy at May 10, 2008 11:38 AM