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

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
The tenants who won the affordable housing lottery at 15 Hudson Yards say the units are in an “entirely separate part of the building and with a different address.” (Hudson Yards, District Court of New York)
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Related Companies executive vice president Bryan Cho and CareMax founder Carlos de Solo (Getty, CareMax)
Related Companies, CareMax to open 75 senior health centers
Related Companies, CareMax to open 75 senior health centers
Related CEO Jeff Blau, 568 Broadway and Equinox CEO Harvey Spevak  (Getty, Google Maps)
Equinox owes $3.3M in skipped rent on Soho gym, landlord says
Equinox owes $3.3M in skipped rent on Soho gym, landlord says
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
973 Fifth Avenue and David Leuschen (Google Maps, Riverstone Holdings)
Former Goldman Sachs partner lists Upper East Side townhouse for $80M
Former Goldman Sachs partner lists Upper East Side townhouse for $80M
Entera CEO Martin Kay (Entera, iStock)
Single-family data startup Entera raises $32M
Single-family data startup Entera raises $32M
Joseph Tabak, 530 West 30th Street and Related's Stephen Ross (Getty, Related)
Related sues Joseph Tabak for skipping rent in Hudson Yards
Related sues Joseph Tabak for skipping rent in Hudson Yards
arrow_forward_ios

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

Loading...