Despite prognostications that the collapse of the Tishman Speyer Hudson Yards agreement would lead to a lesser development deal, word is that the MTA is going to get its $1 billion after all. As Charles V. Bagli reports on The Times’ City Room blog, Stephen M. Ros, CEO of Related Companies and one of the runners-up in the original bidding process, has inked a deal worth $1 billion to develop the Hudson Yards area. This is, of course, good news for the cash-strapped MTA, and there is, as yet, no word on how long it will take this deal to collapse as well. [City Room with a hat tip to my friends at Impatient Sufferance]
Update 2:55 p.m.: For the official MTA statement, head on over to this press release. It has more details that you could ever want.