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A 550 Vanderbilt footnote: the Development Agreement is expected to be modified (for Site 5, most likely)

Stay tuned, all of those waiting for action on the seemingly stalled Site 5 project. Well, a change was (seemingly) contemplated as of June 2015, when the Offering Plan for the 550 Vanderbilt condominium was filed with the New York State Attorney General.

As excerpted below, it indicated that there would be a modification to the project's governing Development Agreement, to be approved at a later date.

The most obvious candidate is Site 5, given that it requires first a revision to the project's guiding Modified General Project Plan, in order to move bulk approved for another site, B1 (aka "Miss Brooklyn") across the street, and then surely an amendment to the Development Agreement between the state and developer.

From the 109th page of this document, part of the Offering Plan:
WHEREAS, in order to effectuate the intent of the MGPP, Declarant and affiliates of Tenant entered into: (i) that certain Development Agreement, dated March 4, 2010, as first amended by the Omnibus Amendment, dated as of June 27, 2014, and as further amended by the Second Amendment to the Development Agreement, dated as of [___________, 20__] (as amended, the "Development Agreement"); and (ii) that certain Land Acquisition Funding Property Management and Relocation Agreement dated as of September 18, 2009, as amended by that certain First Amendment to Land Acquisition Funding Property Management and Relocation Agreement, effective as of December 23,2009 (as amended, the "LAFPMRA")...
(Emphasis added)


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