The collapse of a $1 billion deal between New York's Metropolitan Transportation Authority and real estate developer Tishman Speyer to develop the last remaining large tract of undeveloped land in Manhattan has raised questions over the MTA's budget and what the delay means to future development.

The uncertainty in the real estate market also has some investors monitoring the billions of dollars in bonds issued to help finance the transformation of the West Side's Hudson Yards from an underutilized patchwork of industrial sites and railroad yards to a transit-oriented mixed-use district.

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