MTA, Related delay Hudson Yards closing

The Related Companies and the MTA have agreed to delay the closing of the Hudson Yards deal by one year due to the down economy and lack of financing for real estate projects. Related will not have to make the $43.5 million down payment immediately, although the developer will have to pay a nonrefundable $10 million for the delay. “I’m excited about the future of New York,” said Stephen Ross, chairman of the Related Companies. “I believe it’ll come back even stronger than before. But right now we’re going through a financial crisis.”