Related seeks lease changes at Hudson Yards: MTA

New York /
Oct.October 23, 2012 08:30 AM

As Related’s Hudson Yards project closes in on a second major office lease for its planned first tower, MTA chairman Joseph Lhota told the New York Post that the developer is attempting to amend its unsigned 99-year-lease.

Although officials at Related deny asking for any changes, Lhota said: “Yes, Related has approached the MTA to amend the existing deal. I am willing to entertain it so long as the MTA’s interests are fully protected. Any amendment would require approval by the MTA board.”

Lhota isn’t saying what kinds of changes Related is asking for at the 26-acre site, but, according to the Post, it’s is possible that the issue involves luxury bag maker Coach, which will set up its headquarters at 501 West 30th Street when the building is complete in 2015.

Rumors are circulating that Related founder Stephen Ross wants to “sever” construction of the Coach tower from Related’s other obligations at the railyards site. For instance, ending its obligation to pay rent on all 26 acres within three years of the Coach ground-breaking, according to the Post. However, neither party is willing to comment on the matter.

Ground was supposed to be broken on the initial tower in the coming weeks, but construction cannot start until the lease is officially signed and new negotiations with the MTA could delay development. [NYP]Christopher Cameron

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Rob Gronkowski and 35 Hudson Yards (Getty, SOM)
Rob Gronkowski buys Hudson Yards home for $7M
Rob Gronkowski buys Hudson Yards home for $7M
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...