A spokeswoman for Related tells GlobeSt.com that Oxford will commit up to $475 million in equity to the project. In the meantime, the JV is putting up a $21.75-million deposit, to be followed by two deposit of approximately $11 million each in six and 12 months' time, according to the MTA. Oxford replaces Goldman Sachs as Related's financial partner on Hudson Yards, Goldman having pulled back on its involvement this past February.

Stephen Ross, Related's chairman and CEO, says in a statement that Oxford's commitment to the 12-million-square-foot mixed-use project is "an unequivocal show of confidence in the future of New York. Oxford has an over 50-year track record of success and global reach, making them an ideal partner for Related on the West Side Yards." Oxford oversees and manages approximately $18 billion of real estate for itself and on behalf of its co-owners and investment partners, including the Royal Bank Plaza in Toronto, Watermark Place in London and Centennial Place in Calgary.

Although a revised agreement with the MTA allows the developer to hold off on closing the Hudson Yards deal until certain triggers are reached in the city's real estate market, Related's Jay Cross told the Wall Street Journal on Wednesday that the JV with Oxford and encouraging signs in the real estate market "suggest to us we will be under way before the triggers are hit." Cross, president of Related Hudson Yards, expressed increasing optimism that the project would sign a tenant this year, according to the WSJ.