The deal to put $15 billion in residential and commercial development atop the M.T.A.'s West Side rail yards has hit a delay, as the agency will not sign a contract with developer Related Companies this week, as was originally scheduled. The state authority says it has reached an agreement with Related (which is in a joint venture with Goldman Sachs) to push back the deadline for signing a contract for the property by another 90 days, as the M.T.A. has been slower than expected in producing the needed paperwork.
"We have together agreed on an extension of the designation period," said Gary Dellaverson, the CFO of the M.T.A. (who has to have one of the least enviable jobs in government these days). "Our expectation was that the documents would have been turned a month and a half ago.
"This is my fault—the fault of the M.T.A.," he said. "This is not a product of either Related or Goldman or their lawyers." read more »