NYC agency approves deal to develop Hudson Yards

The News Leader

April 29, 2010 4:42:23 AM PDT
The Metropolitan Transportation Authority has approved a $1 billion deal to convert a stretch of land along New York City's Hudson waterfront into a sprawling development. MTA spokesman Kevin Ortiz said Thursday that developer Related Companies will be required to pay $20 million when the contract is signed and another $21.7 million in the next 12 months.

The Wednesday agreement allows Related to delay closing until office vacancy rates drop to 11 percent and co-op and condo prices hit $1,200 per square feet.

The MTA owns the land known as Hudson Yards for Long Island Rail Road operations.

In December, the City Council approved a rezoning plan for half of the 26-acres for apartments, cultural space and a new public school. The other half was rezoned in 2005. It allows for office, hotel and retail space and public open areas.


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