The MTA's statement  today was short and sweet. In its entirety:
"The MTA met today with Tishman Speyer. Despite the best efforts of both sides, a final agreement could not be reached. The MTA has now re-entered discussions with other interested developers and remains committed to timely development of these unique and valuable parcels of land on Manhattan's Far West Side."
It's widely believed that the most likely developer right now is the partnership of the Durst Organization and Vornado Realty Trust.
Hudson Yards Talks Fail Yet Again  [Crain's]