Lee Sander, the M.T.A.’s executive director, this morning at a Crain’s breakfast forum (briefly) entertained the possibility that his agency’s $1 billion West Side rail yards deal with Stephen Ross’ Related Companies could collapse, as the M.T.A. is “involved in very sensitive negotiations” with the company.
“I’m loath to engage in hypotheticals, even though you guys do,” he said in response to a question from Crain's editorial director Greg David on the potential collapse of the deal. “I suspect that we would be able to deal with it, but it would not be pleasant, but that’s not an outcome we’re looking forward to.”
Related faces a key deadline at the end of this month to execute a contract to develop over the M.T.A.’s 26-acre rail yards. Related executives have been expressing concerns about financing the deal in today’s economy (more on that in a story I wrote in today’s print edition) and Mr. Sander certainly didn’t make a point to offer reassuring words. read more »