MTA Approves $1B Hudson Yards Deal - NBC New York

MTA Approves $1B Hudson Yards Deal

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    MTA Approves $1B Hudson Yards Deal

    The Metropolitan Transportation Authority approved a $1 billion agreement to turn 26 acres of land that they own along Manhattan's Hudson waterfront into a development called Hudson Yards.

    The developer involved with the deal, Related Companies will have to pay $20 million once the contract is signed, followed by another $21.7 million in the next year, said MTA spokesman Kevin Ortiz.

    A provision in the deal allows Related to delay the closure of the land until office spaces drop to 11 percent and prices for co-ops and condominiums hit $1,200 per square feet.

    Last year, the City Council approved a rezoning plan for half of Hudson Yards to be used for apartments, a new public school, and a cultural space.

    Offices, hotels, stores, and public open areas will be built on the other half of the land, which was rezoned in 2005.