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The Related Companies have signed a contract with the Canadian Pension Fund Ontario Municipal Employees Retirement System, according to an article yesterday by Elliot Brown at observer.com as an equity partner in the $15 billion redevelopment of the MTA's West Side Yards site.
Last January, Goldman Sachs withdrew as a partner in the project.
The article said that The Wall Street Journal had an article yesterday that said the pension fund will provide up to $475 million for the project.
The observer.com article said that Related signed a contract with the Metropolitan Transportation Authority to develop the yards, adding that Stephen Ross, head of Related, issued a statement in which he said his company "is thrilled to partner with OMERS's Oxford Properties Group on what is destined to be the most defining development opportunity of the 21st Century."
"Their investment," he continued, "in the West Side Yards is an unequivocal show of confidence in the future of York."
Last January, Goldman Sachs withdrew as a partner in the project.
The article said that The Wall Street Journal had an article yesterday that said the pension fund will provide up to $475 million for the project.
The observer.com article said that Related signed a contract with the Metropolitan Transportation Authority to develop the yards, adding that Stephen Ross, head of Related, issued a statement in which he said his company "is thrilled to partner with OMERS's Oxford Properties Group on what is destined to be the most defining development opportunity of the 21st Century."
"Their investment," he continued, "in the West Side Yards is an unequivocal show of confidence in the future of York."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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