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NEW YORK (AP) - A $1 billion deal to build skyscrapers, apartments and parks over rail yards on Manhattan's far West Side appears to have collapsed.
The Metropolitan Transportation Authority says negotiations to finalize the deal reached six weeks ago with Tishman Speyer Properties "reached an impasse" late Thursday afternoon.
The transit agency owns the 26 acres of railyards along the Hudson River. Tishman Speyer won a bidding war that took over six months.
But the MTA says that before completing the deal, Tishman Speyer tried to postpone closing on rights to half of the property until the other half of it was rezoned to allow development.
Tishman Speyer -the developer that owns Rockefeller Center and the Chrysler Building -has no immediate comment.
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