Related, Sterling near deal for Willets Point mall

To accommodate changes, city withdraws plan to use eminent domain

TRD New York /
May.May 03, 2012 08:30 AM

The Related Companies and the real estate firm controlled by the New York Mets ownership, Sterling Equities, are closing in on a deal to develop a mall on Willets Point, the Wall Street Journal reported. The proposal calls for significant changes to the vision laid out by the Bloomberg administration, most notably bringing more retail to the long-awaited $3 billion project’s first phase.

As a result, the city and Related must go through another review process, which would likely push the ground breaking date past the final days of Bloomberg’s mayorship. Other alterations to the initial plan, which facilitated the rezoning of the area for mixed-use development, have not been finalized.

The city has set aside $400 million to acquire the land and prepare the land while holding out hope that a private developer will fund the rest of the ambitious project. A portion of that land was to be acquired through the controversial use of eminent domain, but the city withdrew its bid to do so — at least for now — because of the changes requested by Related.

The Journal said Related believes the site would not be financially feasible without the increased retail component. [WSJ]

Related Articles


Related is the latest developer to target the Rockaways

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Gym chain creator looks to part ways with Westchester County compound

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

These are some of the most notable resi sales of the week

Clockwise from top: Related chairman Steven Ross, Mactaggart Family & Partners CEO Philip Mactaggart, a rendering of 456 Greenwich Street, and Caspi Development's Joshua Caspi (Credit: Getty Images, Mactaggart, and MHA Westchester)

Developers of bankrupt Tribeca hotel project think Related might be colluding with their landlord