Related is the latest developer to target the Rockaways
The Related Companies received good and bad news regarding the Far West Side last week. The good: the Metropolitan Transit Authority has granted Stephen Ross and his company another extension on a deadline to sign a contract for developing the 12-million-square-foot West Side rail yards site, which had been set to expire at the end of January. The bad: Goldman Sachs is abandoning the project, leaving the developer without a minority partner. The two events appear to be unrelated; the two-month extension was expected as the company needed more time to complete the documents on a revised financial agreement on the $1 billion, 99-year lease for the site. Related will now have until March 31 to sign the contract and hand over $21.75 million. An additional $21.75 million must then be paid over the course of one year. “Related is and remains the majority partner of the venture. Goldman Sachs has informed us that they will no longer be moving forward as a minority partner,” Related spokesperson Joanna Rose said in a statement. “Related remains fully committed and has the capabilities to execute on this historic development opportunity to create New York’s next great neighborhood.” [NYO]
