Related signs Hudson Yards contract, gets new financial partner

The Related Companies has a new financial partner for its $1 billion Hudson Yards development deal, which was approved last month by the board of the Metropolitan Transportation Authority and signed today. Canada’s Oxford Properties Group, the real estate and investment and development arm of the Ontario public retirement fund, will join Related in forking over an additional $21.75 million in deposits as its new general partner. Plans for the 26-acre site call for 12 million square feet of commercial and residential space, including 5,000 apartments, a hotel, public school and roughly 12 acres of public open space. Goldman Sachs, originally the minority partner in the project, dropped out in February. TRD