Yardsmania: Apparent Losers Showing Signs of Life

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With megalandlord Tishman Speyer nearly in possession of the West Side Rail Yards, the other bid still in consideration—the joint proposal made by the Durst Organization and Vornado Realty Trust—is getting a late push to remain in the Hudson Yards conversation (above, a refresher on the eco-friendly, slightly insane Durst/Vornado bid, designed by FXFowle and Pelli Clarke Pelli). Charles Bagli wades into the showdown in the Times today, and here's why the Durst/Vornado bid makes sense, according to some: 1) Durst/Vornado has an anchor tenant in place for office space, Condé Nast. Morgan Stanley dropped out of Tishman's bid. 2) The Durst/Vornado proposal includes twice as much housing (7,000 units), seen as a safer bet in these troubled times than Tishman's office-heavy plan. 3) Tishman Speyer came in dead last in our Hudson Yards poll. OK, the MTA probably isn't taking that one into consideration. So why are the powers-that-be leaning toward Tishman Speyer? Because of the company's "blue-chip aura and its access to capital from around the world," Bagli writes. Well, if those are the characteristics that matter, we should feel lucky the MTA didn't enlist Bear Stearns to help out with financing.
· At 11th Hour, Rivals Vie for Deal on West Side Railyards [NYT]
· West Side Yard [durstvornado.com]
· Yardsmania Update-o-rama: Tishman Must Get Sexy? [Curbed]
· CurbedWire Special: Tishman Speyer Taking Hudson Yards? [Curbed]

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