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MTA, City, Tishman Speyer Miss Deadline on Rail Yards … Again

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May 8, 2008 | 1:59 p.m
MTA, City, Tishman Speyer Miss Deadline on Rail Yards … Again

Five weeks after Tishman Speyer was announced the winner of the West Side rail yards, negotiations are still unfinished between Tishman, the Metropolitan Transportation Authority and the city, an M.T.A. spokesman confirmed.

The parties yesterday missed a seven-day deadline set by the M.T.A. at its board meeting last week, with the final details of a conditional letter of designation yet to be finalized. That came after the parties missed a self-imposed deadline of two weeks from the initial announcement.

At the board meeting last week, the M.T.A. said Tishman put an initial signing fee of $11 million into escrow as the parties neared an agreement, though issues over infrastructure costs remained unsolved.

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