From 1010 WINS:
The Metropolitan Transportation Authority and a developer will keep negotiating past a deadline for reaching a contract to overhaul a swath of rail yards on the Hudson River in Manhattan, an MTA spokesman said Saturday.
The transit agency and Related Cos. had set a Saturday deadline for a deal on the 26-acre, multibillion-dollar Hudson Yards project. It is considered one of the best development opportunities left in the city, but it comes as the credit crisis is hitting commercial real estate hard, leaving many developers without financing sources.
MTA spokesman Jeremy Soffin said the agency and company had "constructive negotiations" Saturday and agreed to continue talking Monday. A Related spokeswoman did not immediately respond to an e-mail message Saturday.