MTA Reaches $1B Deal with Related, Goldman Sachs

[IMGCAP(1)]NEW YORK CITY-The Metropolitan Transportation Authority has confirmed that they have conditionally selected Related Cos. and Goldman Sachs to develop the air space over the two development sites at the Hudson Rail Yards here, as GlobeSt.com reported . A special meeting of the MTA Board has been called for this Thursday to seek authorization for the $1 billion deal.

Marc Francis, president and CEO of the Great Neck, Long Island-based Delphine Real Estate Advisory Group Ltd., a boutique real estate investment bank, wasn’t surprised of the news. Last week, he told GlobeSt.com that Related would be the one to “get it done.” He explains to GlobeSt.com that he has watched the firm close for years and even performed a lot of legal work for them during the late 1980s. “They are a big company, with all of the relevant development and management components, but they are sharp and aggressive like a small company,” he explains to GlobeSt.com. “They are also very well connected.”

[IMGCAP(2)]According to the MTA, the Related/Goldman Sachs plan will transform the Western Rail Yards into a dynamic mixed-use neighborhood. The community will feature sustainability and extensive affordable housing, centered around an expansive public space.