The Real Deal New York

From the January issue: Five proposals for Hudson Yards are in. Two of the bids – from the Extell Development Company and Brookfield Properties – have been looked upon favorably by the public and/or architectural critics. Yet it is the other three that are reportedly the favorites. And all three have something in common: High-profile tenants lined up. In mid-December, the business magazine Crain’s reported that the Metropolitan Transportation Authority, which owns the Hudson Yards site, had already narrowed down the field to three bids from the Related Companies, Tishman Speyer and Durst/Vornado, and that the authority may even try to merge them. A spokesman for the MTA declined to comment. But, the MTA’s reported leanings highlight a real estate phenomenon that is becoming increasing important in New York: finding an anchor tenant before the shovels are in the ground.