Indeed, yesterday, the MTA announced a one-year extension of the “conditional designation” period, which gives Related another year to commit to the project without having to pay the the $43.5 million it was obligated by the original schedule. It will pay $8.6 million “in exchange for the extension,” up to half of which may be used to offset expenses incurred by MTA, the City and the developer regarding regarding a rezoning.
The AY implication
Asked whether the MTA would be flexible with Atlantic Yards developer Forest City Ratner, Sander responded two weeks ago that the agency was always "flexible and thoughtful."
Forest City Ratner has been trying to delay paying the $100 million it would owe the MTA for the Vanderbilt Yard, so the agency's actions yesterday suggest that it may not pressure FCR.
The difference is that the price for the Hudson Yards was much higher, not merely because of differences in size and location, but also because there was a competitive bidding process.
The 2005 sale of rights to the Vanderbilt Yard attracted only one other bidder, given that the RFP was issued 18 months after Forest City Ratner was anointed the city and state's favored developer.