Spare change: Officials ask Related to help fund Gateway project

Bistate group seeking $440M turns to developer to fill funding gap

TRD New York /
Sep.September 26, 2017 08:30 AM

Jeff Blau and railyards (credit: Wikimedia Commons)

The bistate group overseeing the $30 billion Gateway tunnel is turning to the Related Companies to pay for a small part of the project.

The Gateway Development Corp., a division of the Port Authority of New York and New Jersey, is asking the developer to chip in for the 550-foot-long concrete encasement underneath Hudson Yards, Politico reported. The group and Amtrak need $440 million to finish installing the encasement, which will carry trains in and out of the new rail tunnel.

“We’d love any contributions and are in ongoing discussions with the Related Companies,” John Porcari, executive director of Gateway Development Corp., told Politico. “We recognize that the third piece of the tunnel box needs to be built very quickly so that it doesn’t impact Hudson Yards and so that we maintain a tunnel route into New York.”

It’s not clear how much Porcari asked Related to contribute.

The encasement must be completed before Related and its development partner, Oxford Properties Group, can move forward with the final phase of their massive Hudson Yards project. Funding for Gateway has been up the air since the White House hasn’t been clear about how it will contribute.[Politico]Kathryn Brenzel


Related Articles

arrow_forward_ios
Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

The purge continues: WeWork’s head of real estate is leaving

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Jimmy Van Bramer (Credit: NYC.gov, iStock)

After failing to meet his own deadline, Queens council member returns thousands in real estate donations

General contractors are suffering under Trump’s new tariffs on Chinese goods

The Real Deal picked up 9 awards from the National Association of Real Estate Editors

The Real Deal wins 9 NAREE journalism awards

arrow_forward_ios