Real estate in brief

Hudson Yards agreement announced
A rezoning proposal for the Hudson Yards Western Rail Yard has cleared its final public approval hearing, according to an announcement made by Mayor Michael Bloomberg and City Council Speaker Christine Quinn. The project, which will be developed by Related Companies, will create a 5.7 million-square-foot multi-use development including 1,300 affordable housing units. “Today’s historic agreement with the City Council marks the final re-zoning for the redevelopment of an area of Manhattan people have been talking about for decades,” Bloomberg said during the announcement. “With the rezoning in place and the extension of the number 7 subway line on the way, the area is finally poised to become a vibrant new residential and commercial neighborhood.” The development is expected to create tens of thousands of permanent and construction jobs, according to the release, with the city contributing $40 million to the project.

Bid on the City to host $1-minimum-bid auction
Online real estate auction Web site Bid on the City will host its first-ever $1-minimum-bid auction Feb. 1. The auction will feature upwards of 13 luxury residential units on the Upper East Side, Harlem, Chelsea and Midtown West. Open houses to view the properties, which range in size from studios to five-bedroom homes, will take place during the end of this month and through January. Bid on the City estimates the properties range in price from $225,000 to $5 million. Units included in the auction are located at 555 West 23rd Street, 309 West 118th Street, 150 West 51st Street, 516 West 47th Street, 175 East 102nd Street, 1420 York Avenue and 147 West 142nd Street, which includes one commercial unit up for auction.

New firm becomes REBNY member
Exit Realty Landmark is the newest firm to be approved for membership by the Real Estate Board of New York. The company, which was founded six months ago, represents residential co-ops and condos, both for sale and for rent. The firm utilizes a 70/30 percent commission split, which brokerage owner Vincent Koo said will aid the stability of the company. “Our firm represents a formula that was a long time coming, and is here to stay,” he said in a press release.