The Related Companies has boosted the title (and workload, presumably) of Vishaan Chakrabarti, project manager for the Related Companies and Vornado Realty Trust on Moynihan Station.

Mr. Chakrabarti, formerly a senior vice president, has been named Executive Vice President of Design and Planning. He will continue to lead the Moynihan Station effort, according to a Related spokeswoman.

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The Related Companies has tapped Jay Cross, president of the New York Jets, to lead its $15 billion development over the West Side rail yards, bringing in a driving force behind the failed effort three years ago to build a West Side stadium on the same site.

Mr. Cross is a onetime real estate executive who has spent much of the last few years developing stadiums and arenas for professional sports teams, pushing through the new Meadowlands stadium, Miami’s AmericanAirlines arena and the Air Canada Centre in Toronto.  read more »

Now it's really official: the M.T.A. board this afternoon voted to approve a deal with the Related Companies and Goldman Sachs to develop over the 26-acre West Side rail yards.

A few nuggets of rail yards info from the meeting: According to M.T.A. CFO Gary Dellaverson, who summarized negotiations to the board, the key to the Related Companies' victory was its willingness to literally pick up the $1.054 billion Tishman Speyer deal and sign it, only inserting one notable change.  read more »

Jerry Speyer, whose Tishman Speyer recently had a falling out with the M.T.A.  read more »

The video above, courtesy of The Observer's Azi Paybarah, features City Council Speaker Christine Quinn expounding this morning on major development projects like the Javits Center expansion and renovation; the stalled Moynihan Station plan; and the Related Companies' West Side rail yards plans.

"I really see all three of them as critically important," Ms. Quinn said. Of Related's rail yards plan specifically: "Now, yesterday, we had a terrific step forward...  read more »

Check out the above rendering. We got it on Monday afternoon at a press conference to tout the deal struck this weekend between the Related Companies and the M.T.A. over the development rights of the West Side rail yards.

Look closely. An old rendering, from Related's original rail yards bid in November, featured a sign above the concert stage that read "myspace.com". It was, of course, a reference to then-anchor tenant News Corp., owner of MySpace.  read more »

The storyline behind Related’s surprise win in the West Side rail yards bidding goes, more or less, as follows, according to a Monday afternoon press conference with M.T.A. officials and Related Chairman Stephen Ross:

Back in the late winter, when a round of bids was due to the M.T.A., executives at News Corp. gave Related Companies a call within 24 hours of the bid deadline, announcing that the company would not commit to becoming an anchor tenant in Related's bid as it had previously indicated. With little time to think before its bid was due, and at a time when Bear Stearns was collapsing, Related backed out of its full bid, hoping to hang on to a partial deal for the western half of the rail yards.  read more »

It’s official: Jumping back from the collapse of a deal with Tishman Speyer Properties, the Metropolitan Transportation Authority is going with Stephen Ross’ Related Companies to develop the West Side rail yards, Manhattan’s largest remaining parcel of developable land.

As we first reported last night, Related snapped up the deal from the M.T.A. less than a week after it abandoned talks with Tishman Speyer. Tishman—apparently scared off by the tremendous risk involved in developing with no anchor tenant, a parcel in need of rezoning and an inclement lending market—tried to change the terms of the deal to lessen its risk at the last minute.

In a release from the M.T.A., it seems the agency gave Related, in a partnership with Goldman Sachs, an option to have more time to build before they start making rent payments if the developer so chooses, allowing the team to defer payments for two years.

The deal is very similar to the Tishman proposal in terms of finances, pegged at $1.054 billion in net present value.  read more »

The Metropolitan Transportation Authority has reached a tentative deal to award development rights for the West Side rail yards to the Related Companies, according to a person familiar with discussions. The deal for the 26-acre site on Manhattan’s West Side comes less than a week after the M.T.A. broke off talks for the property with Tishman Speyer, the major development firm that was announced the winning bidder in late March.  read more »

One of the remaining bidders for the West Side rail yards, a team of the Durst Organizaiton and Vornado Realty Trust, said it is expecting that S.I. Newhouse’s Condé Nast will remain part of its bid as an anchor tenant.

“We expect that Condé would be our partner,” said Durst spokesman Jordan Barowitz.

However, Condé, which began a new search for space after Tishman Speyer was named the winner over the Durst/Vornado team in March, did not make clear its plans, as a company spokeswoman, Maury Perl, declined comment.  read more »