"This is a tremendously exciting development project that together with the extension of the 7 line will turn this area into a vibrant residential and commercial neighborhood," said MTA Chairman and CEO Jay H. Walder. "We were also able to maximize value for the MTA and provide a new revenue stream to support many of our vital capital projects."
Jay Cross, President of Related Hudson Yards, said, "Related and its new partner Oxford Properties Group look forward to continuing the progress to create New York's next great neighborhood. The West Side Yards is not only a transformative development opportunity, but represents the future growth of New York City."
The developer will construct a deck over the portion of the yards currently used for Long Island Rail Road operations without interrupting LIRR service. The development will be a unique 26-acre sustainable mixed-use neighborhood including 12 acres of public open space, cultural amenities, a new public school and housing and commercial opportunities for all New Yorkers.
Related and Oxford are making a $21.75-million deposit in conjunction with the signing of the contract and six and 12 months from now will make additional deposits of roughly $11 million each.