Related gets two-month extension at West Side rail yards, but Goldman drops out

TRD New York /
Feb.February 01, 2010 10:06 AM

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]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
President Donald Trump and Joseph Biden (Getty, iStock)

Real estate donors backing Biden over Trump

Real estate donors backing Biden over Trump
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Related chairman Stephen Ross with President Donald Trump and Hudson Yards (Photos via Getty Images)

Stephen Ross dishes on Trump, NYC mayoral race

Stephen Ross dishes on Trump, NYC mayoral race
Related chairman Steve Ross and 35 Hudson Yards (Photos via Getty, SOM, MTA)

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
Related CEO Jeff Blau (Blau by Andrew Lichtenstein/Corbis via Getty Images; iStock)

“Little bit of guilt trip”: Jeff Blau joins landlords pushing return to work

“Little bit of guilt trip”: Jeff Blau joins landlords pushing return to work
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...