From the The Real Deal:
The Metropolitan Transportation Authority has approved its $1 billion deal with the Related Companies to redevelop the 26-acre former Long Island Rail Road site along the Hudson River, the Associated Press reported. Related must pay $20 million when the contract is signed and an additional $21.7 million over the next year, according to the agreement. But the developer is also allowed to delay closing until the city’s office vacancy rate drops to 11 percent and apartment prices reach $1,200 per square foot.
That's nice. The MTA needs money now, however. They always make such stupid deals.