Today, the fate of the West Side Rail Yards may be left in (near) limbo once again after the MTA meets with developer Tishman Speyer.

The MTA has announced on Thursday night that the deal with Tishman had basically collapsed (Tishman was asking for things the MTA deemed unacceptable). However on Friday, Mayor Bloomberg voiced hope the two sides could work things out and a Monday meeting was arranged.

MTA had selected Tishman's $1.004 billion bid after a public bidding process that attracted five developers to vie for the 26 acres a few blocks west of Penn Station. The Sun has an interesting article today, noting that if the MTA refused Tishman's deal and wants to approach past bidders, the MTA will has "reduced bargaining leverage" and could lose out on many millions. A source said, “The MTA will not be in the greatest position if Tishman backs out. Obviously the bids would go down.” Well, anything would be more than the $100 million the Jets were offering back in 2005...wouldn't it?