Deadline approaching for railyards

January 21, 2009 12:14PM
West Side railyards

The Related Companies is expected to enter into a contract with the Metropolitan Transportation Authority to develop the West Side railyards by the end of the month, and put down a $50 million deposit for the project. Related has said it is committed to the project, but the Observer reports that the developer has had trouble raising money for it. Related must start paying rent for the site three years after the contract is signed, but the payments could be pushed back an extra two years if construction is delayed.

[NYO]




Comments

Anonymous

This deal could have been closed and the cash flow would have been already in motion for the MTA however they have too much corporate oversight for a state agency, are inefficient and wasteful and as a result, they lost hundreds of millions already on this project.

Comment #1 Posted By: Anonymous 01/21/09

Anonymous

Related could take some of the profits from the past several years to fund this project and not think twice about it. Chairman Ross gave over 250M to charity, surely someone who can afford that kind of generosity, can afford to keep this project alive, which the smart money says he will.

Comment #2 Posted By: Anonymous 01/21/09

Leave a Comment

(optional)
(optional)

The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance or advertisements. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.