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Four months ago, when it seemed likely that National Broadcasting Co. would relocate its headquarters at Donald Trump's Television City, Gene Heller seemed frustrated and sick of hearing about the network's quest for a new home.
"NBC has used its name for leverage in a way that's beyond anything rational," said Mr. Heller, head of real estate operations for New Jersey-based Hartz Group, which had also pursued the network.
But last week, when Hartz suddenly appeared back in the running for at least part of NBC, Mr. Heller was more conciliatory toward the network and its tough-minded negotiators.
"They want to make the best deal possible," he said.
NBC has had that effect on developers. Its long, celebrated quest for a new home, which has drawn in nearly every major local developer, took another turn about 10 days ago, when the network and Mr. Trump unexpectedly broke off negotiations.
Now people are starting to wonder how much NBC really wants, and whether the network is simply a shrewd negotiator, or whether it's overstepped the bounds of fairness in its effort to get a good deal.
"The network wants the moon," says one highly placed city official. In real terms that means NBC is looking for an equity position that goes well beyond what developers generally offer a prime tenant, massive tax breaks and substantial site work to accommodate its complex operations.
Can any developer profit from such a deal? "Whoever is...