The development of the Hudson Yards made progress in the early morning hours on Wednesday when Tishman Speyer signed a “conditional designation letter” with the MTA to develop the 26-acre site that runs from West 30th to West 33rd streets between Tenth and Twelfth avenues.
Some details have yet to be worked out between the city and the developer regarding the street grading and other infrastructure issues at the MTA-owned property, but are expected to be resolved within seven days. Tishman Speyer won the bidding battle to develop the property last month with a $1 billion plan. On Wednesday the company paid an $11 million down payment on the deal which was put in escrow for seven days, when the deal should be completed.
