MTA approves Hudson Yards deal

The Metropolitan Transportation Authority has approved its $1 billion deal with the Related Companies to redevelop the 26-acre former Long Island Rail Road site along the Hudson River, the Associated Press reported. Related must pay $20 million when the contract is signed and an additional $21.7 million over the next year, according to the agreement. But the developer is also allowed to delay closing until the city’s office vacancy rate drops to 11 percent and apartment prices reach $1,200 per square foot. In December, half of the Hudson Yards site was rezoned to allow for apartments, cultural space and a new public school. The other half of the site was rezoned in 2005 for office, hotel and retail space as well as open public areas. [AP via Post]