With the economy sinking around him, Stephen Ross and his Related Companies have successfully delayed purchasing development rights to the West Side rail yards by a year, as the M.T.A. sent out a statement this evening announcing a one-year extension of the “conditional designation” period.
With financing near impossible to come by, particularly for speculative $15 billion developments, Related told officials it was unable to raise money to pay the $43.5 million required to sign a contract for the 26-acre site. At least based on M.T.A. documents from last year, the designated developer was also required to pay a separate $9. read more »