M.T.A. Set to Approve Related’s West Side Rail Yards Mega-Deal (Again)

dbox hudson yards aerial from south preview 02 5 M.T.A. Set to Approve Related’s West Side Rail Yards Mega Deal (Again) A $1 billion deal to develop the giant West Side rail yards is up for approval by an M.T.A. committee on Monday, as the development giant Related Companies has nearly completed an agreement with the M.T.A. to develop the property.

The deal calls for Related to begin paying rent on the property, a 26-acre swath of land over the LIRR yards south of the Javits Center, once the economy hits a set of triggers showing improvement. Previously, Related was to begin paying rent shortly after it signed a contract, regardless of economic conditions.

The deal has been pushed off repeatedly, and last year the two parties agreed to wait another year until the economy improved. In the meantime, Related did not try to renegotiate the amount of the payment, although by installing the economic triggers, it delays payments that the cash-poor M.T.A. had budgeted for.

With the final papers of the deal still unfinished, the contract will not be signed Monday (or Wednesday, when the M.T.A.’s full board has its meeting), according to multiple people familiar with the agreement; however, neither side has expressed worries that the deal is imperiled.


Article continues below
More from Politics
(FILES): These two file photos show then Labor Secretary Thomas Perez (L) speaking to reporters about the minimum wage for federal contractors at the White House in Washington, DC, on Feburary 12, 2014; and Minnesota Democratic Congressman Keith Ellison (R) during a press conference about Islamophobia at the National Press Club on May 24, 2016 in Washington, DC.

US Democrats, licking their wounds from last year's election debacle, will pick a new leader on February 25, 2017 to take the fight to President Donald Trump and his Republicans. The race to chair the Democratic National Committee (DNC) features front-runners Tom Perez, a Hispanic-American and former secretary of labor under Barack Obama who is the establishment pick, and Keith Ellison, a black Muslim congressman from the party's progressive wing who has left open the prospect of pushing to impeach Trump. / AFP / Mandel NGAN AND Brendan SMIALOWSKI        (Photo credit should read MANDEL NGAN,BRENDAN SMIALOWSKI/AFP/Getty Images)
Sanders 2020 Just Became Much More Likely With Tom Perez as DNC Chair