The West Side rail yards bidding went to the Related Companies two years ago. And on Wednesday, they signed a contract with the MTA for a $15 billion development.
The Toronto-based Oxford Properties Group is also part of the venture with Related Companies.
The deal requires the MTA to lease the site near the Jacob Javits Center for 99 years, with purchase options, and to provide $1 billion for more MTA capital projects.
MTA Chairman and CEO Jay H. Walder believes this development project will turn the neighborhood into both a residential and commercial one.
The development will consist of 26-acres including 12 acres of public open space, cultural amenities, a new public school and housing.
Related Companies and Oxford will have deposited a total of $32.75 million within the next year.