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The New York Observer

West Side Rail Yards Agreement Unfinished One Month After Announcement

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April 30, 2008 | 4:03 p.m
Tishman Speyer's rail yards plan
Tishman Speyer's rail yards plan

A month after the state declared Tishman Speyer winner of the bid to develop the West Side rail yards, the details of an agreement are close, but unfinished, the Metropolitan Transportation Authority acknowledged today at its board meeting.

The bulk of the legal documents for a conditional letter of designation have been agreed upon, according to an MTA spokesman, though two points are yet to be worked out: some legal documentation over the eastern rail yard and an agreement between the city and Tishman Speyer involving infrastructure issues.

“They have made the initial payment, which is $11 million,” said the spokesman, Jeremy Soffin. “The payment and the documents have been put in escrow while two issues are worked out over the next seven days.”

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