Cash for Transit Drives Hudson Yards Plan
"In rescuing the $1 billion deal to redevelop Manhattan's Hudson Rail Yards, Related Cos. and Goldman Sachs could create a spectacular shaft of greenery and sky from the western end of Midtown to the Hudson River. The nature of the deal, unfortunately, may squander the city's greatest remaining development opportunity.
The Metropolitan Transit Authority will lease the 26-acre site on Manhattan's far West Side for 99 years, delivering $1.05 billion that the MTA will pour into desperately needed improvements to the region's transit system.
MTA spurned Related's bid last March in favor of one by Tishman Speyer until negotiations broke down early this month. Then Related and Goldman Sachs stepped in, offering similar terms.
Related plans to build more than 12 million square feet of new structures, including about 5,000 apartments, a hotel and 5 million square feet of commercial space. Its plan does not rise to this great occasion."