Hudson Yards deal collapses

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The $1 billion deal between developer Tishman Speyer and the Metropolitan Transportation Authority has collapsed. The MTA’s chief financial officer, Gary Dellaverson, said the negotiations broke off yesterday after Tishman Speyer insisted on changing the terms of their March 26 agreement. The change Tishman requested would have slowed payments in annual rent and fees to the MTA for the 26-acre site. Tishman Speyer requested another meeting Monday, but the MTA is considering re-opening the bidding to other developers. That would likely lead to the agency getting less money for the property, which stretches across 11th Avenue between 30th and 33rd Streets. Jerry Speyer is reportedly flying today from Milan to London with Mayor Michael Bloomberg. [NYT] and [Post] and [Bloomberg]

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