The press release arrived a few minutes ago: “The MTA met today with Tishman Speyer. Despite the best efforts of both sides, a final agreement could not be reached. The MTA has now re-entered discussions with other interested developers and remains committed to timely development of these unique and valuable parcels of land on Manhattan’s Far West Side.”
The MTA will now lose some of the promised $1 billion as the economy is weaker, and they are no longer in a strong negotiating position. Meanwhile, the issues surrounding the funding of the 7 line extension remains, and Senator Schumer has begun to push for a focus on redevelopment near Madison Square Garden and Penn Station instead.