MSG's Hudson Yards bid could open door for developers.

A brazen $600 million bid from Madison Square Garden to develop the Hudson Yards could open the floodgates to other developers with ambitions for better utilizing the site for mixed-use.

"It's a whole new ballgame," said State Assembly Member Richard N. Gottfried after MSG submitted the bid in a bold attempt to halt the controversial Jets stadium plan backed by Mayor Michael Bloomberg.

Gottfried, who represents the Hudson Yards area, said the MTA needs to look seriously at the offer. "There is now a real offer on the table that will give the MTA full value for its property at no cost to the taxpayers. Failing to pursue this offer would violate the MTA's duty to its riders and the public.

"Developers may have been afraid to express interest in this site for fear of crossing the Mayor," he added. "Now that there is one developer making a bid, we may now see more bids from developers who do not want to be left out." Bloomberg scoffed at the eleventh hour bid claiming it was disingenuous, but MSG said it is dead serious.

"The offer was made to the MTA and they have said that they will consider it," said an MSG spokesperson. "We believe that this is far better for the MTA, neighborhood residents and New York taxpayers. Madison Square Garden is ready, willing and able to make a firm and binding commitment."

The bid came after weeks of rowing over the future of the site which Bloomberg wants for the New York Sports and Convention Center that the Jets could also call their new home.

On February 4, Madison Square Garden sent a letter to MTA Chairman Peter Kalikow outlining its proposal to develop the site for $600 million.

The plan calls for what is likely to be a more community pleasing development of a mixed-use community centered on high and low rise residential development, including affordable housing with ample open space and community amenities, including commercial, cultural, recreational, hotel, retail, parking and other uses.

The Jets had offered $100 million and also agreed to pay $315 million for the construction of the platform over the yards. However, the land has already been appraised at $300 million and, in a bid to reach a settlement, both the Jets and the MTA last week agreed to intervention by former Senator George Mitchell who offered to arbitrate.

It was in the wake of that announcement that MSG went under the nose of its rival to make its $600 million offer for the site.

MSG has said the benefits of developing the land are significant, not least that it gives the MTA a fair price for the site and a firm commitment from a credit-worthy buyer.

The plan would also produce future tax revenues many times greater than the revenues to be derived from a stadium, as well as create "more attractive employment opportunities, open space, and a development that is esthetically pleasing and in keeping with the long-term development of the West Side in a community friendly manner and is drastically more favorable to New York taxpayers."

While the MSG plan does not include the building of the platform, it has agreed to negotiate with the MTA should the cost exceed $250 million.

In a statement, Jets spokeswoman, Marissa Shorenstein, dismissed the bid, saying, "This is a desperate ploy and cynical PR gimmick by a company that will stop at nothing to protect their monopoly."

However, MSG confirmed the offer represented an opening proposal should the MTA choose to begin an auction for the property.