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The New York Observer

A Sudden Round Two on Rail Yard Bids?

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February 3, 2008 | 9:14 p.m
Gary Barnett.<br /> (Michael Nagle.)
Gary Barnett.
Michael Nagle.

The New York Times' Charles Bagli reported over the weekend that the Metropolitan Transportation Authority has asked the five bidders for the West Side rail yards to submit a new round of bids. Apparently, the MTA would like to now lease for 99 years the 26 acres of rail yard rather than sell it. The MTA, the yards' landlord, would also like an "equity-type interest" in any project built on the site on the far West Side of Manhattan.

The new bids are due by Feb. 19.

The five bidders are Brookfield Properties; Extell Development Corporation; a partnership between the Durst Organization and Vornado Realty Trust; the Related Companies; and Tishman Speyer.

The Observer's Eliot Brown talked in late November with Brookfield president and CEO Ric Clark about his firm's bid. About a week later, Eliot also talked with Extell's president, Gary Barnett, who labeled the other four bids "flawed." And, in August, The Observer profiled Related chairman Stephen Ross.

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