Hudson Rail Yards Receive 5 Bids
The deadline for submitting bids was yesterday. The MTA has announced that they received 5 bids by yesterday’s 5:00 p.m. deadline. The following 5 companies submitted bids (listed in random order):
- Extell Development Company
- Brookfield Properties Developer LLC
- The Related Companies
- TS West Side Holding, LLC (A Joint Venture of Tishman Speyer and Morgan Stanley)
- Hudson Center East LLC and Hudson Center West LLC (A Joint Venture of Vornado Realty Trust and The Durst Organization, Inc.)
2 of the developers already have agreements in place with corporations to be tenants. Hudson Center East & Hudson Center West LLC have an agreement in place with Conde Nast Publications. Tishman Speyer (owners of Rockefeller Center & the Stuyvesant Town apartment complex) has guaranteed Morgan Stanley as a tenant. Each of these development companies are banking that guaranteed tenants will help their cause in obtaining the right to the 26 acres.
Which ever company wins the bid will have the task of spending billions to start creating their dream layout. The cost to build platforms over the existing rail yards is expected to reach $1.5 billion. This does not include the billions it will cost for other construction related necessities & the expected $500 million price tag to obtain the development rights.
The MTA will start evaluating the bids which will eventually be released to the public.
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