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$1B bid wins city's West Side railyards

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$1B bid wins city's West Side railyards

BY BRIAN KATES

DAILY NEWS STAFF WRITER

March 27th 2008

 

[float=right]amd_hudsonyards_2.jpg

Artist's depiction of plans for massive

development project over railyards on

far West Side.

[/float]The owner of Rockefeller Center and the Chrysler Building was chosen Wednesday to create a new neighborhood of apartments, office towers, shops, parks and a school over railyards on Manhattan's far

West Side.

 

An offer of just over $1 billion - $39 million more than its closest rival - won Tishman Speyer the right to build on the last swath of undeveloped real estate on the island.

 

The deal with the Metropolitan Transportation Authority came after intense negotiations amid a severe downturn in the real estate market.

 

"This is a space 50% larger than Rockefeller Center," Mayor Bloomberg said at a news conference at the railyards yesterday. "Just think how that transformed midtown Manhattan."

 

[float=right]amd_hudsonyards_1.jpg

It grants Tishman a 99-year lease on 26

acres over two Long Island Rail Road yards,

one on each side of 11th Ave. between

W. 30th and W. 33rd Sts. The project is

known as Hudson Yards.[/float]Tishman would spend an estimated $2 billion to construct a platform over the busy railyards to support the buildings. The company agreed to pay heavy penalties if train service is interrupted.

 

Neither MTA officials nor Tishman Speyer executives would say when work might begin or be finished.

 

The 13-acre eastern portion of the railyards was rezoned for mixed use in 2005. Development of the western portion hinges on the City Council passing similar zoning after a land-use review process that could take more than a year.

 

For the eastern portion, Tishman has proposed 444 condo units in four buildings and 528 market-rate rental apartments, plus two office towers.

 

The western side would include four buildings with 1,092 condo units and two buildings with 984 rental units, including 197 units for low-income tenants, as well as two commercial skyscrapers.

 

The project also would feature a school and 15 acres of parkland.

 

Extension of the No. 7 subway line into the new neighborhood is crucial, and the developer can withhold lease payments during any construction delays on the subway project, said MTA chief financial officer Gary Dellaverson.

 

Neighborhood leaders complained that the winning bid emphasizes offices over residential development.

 

"The Tishman plan received the least favorable reaction from the public," said Anna Levin of Community Board 4. "Our concern is the overwhelming amount of commercial development."

 

Payments from the deal will close a $700 million gap in the MTA's 2005-2009 capital spending program. Tishman outbid a partnership of the Durst Organization and Vornado Realty Trust to get the deal.

 

gal_hudson_yards1.jpg

 

gal_hudson_yards2.jpg

 

gal_hudson_yards3.jpg

 

gal_hudson_yards4.jpg

 

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Great News! Its nice to hear something is finally happening here. So I wonder if all that cash can help the system now :D. The plan overall is very nice and incorporates the surrounding environment pretty well. It's going to be amazing though that a whole section like that is going to be built over a functional rail yard.

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This is very good news. It helps everybody including MTA. Maybe now we can stop those delays on the SAS lol. The pictured images of the area look VERY modern and environmental freindly. Hope it comes out that way too.

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This is very good news. It helps everybody including MTA. Maybe now we can stop those delays on the SAS lol. The pictured images of the area look VERY modern and environmental freindly. Hope it comes out that way too.

 

Yeah I was actually reading up on the details of this plan and it seems that these building will be "green" in some sort. I hope they look just as good in real life like the renderings.

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Oh Great I think we spoke too soon, the plan seems to have died because they were not guaranteed the (7) line extension as well as a few other reasons. Man when is something nice going to happen to that yard.

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I wonder how it will be for LIRR personnel. I know a few of them that work in that yard and they are not looking forward to working in an enclosed catacomb. I just hope the buildings are not only green, but look really nice.

 

- Andy

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