The Real Deal Miami

CityPlace developer takes on NYC rail yard project

May 21, 2008 01:47PM

CityPlace developer the Related Companies has made an agreement with
New York’s Metropolitan Transportation Authority to develop 12 million
square feet of commercial and residential towers above Manhattan’s West
Side Railyards. The developer had financial backing from investment
bank Goldman Sachs for the project’s development rights, valued at
$1.054 billion. Stephen Ross, founder, chairman and CEO of Related and
a part-time Palm Beach resident, purchased 50 percent of the Miami
Dolphins football franchise and stadium in February.