Related Companies Champions Manhattan West Side Revival
Deal News | Jun 30, 2025 | Related Cos LP/The
The New York City Council has approved a payment-in-lieu-of-taxes (PILOT) financing model that paves the way for the development of the Hudson Yards atop the Western Railyards in Manhattan. This long-anticipated project, spearheaded by Related Companies, aims to revitalize the far West Side of New York City with a significant increase in housing and open space. The $2 billion project involves constructing a platform over active rail lines, effectively unlocking the site for further development without impacting city finances. The approval of necessary zoning modifications showcases the culmination of a decades-long vision to transform this part of Manhattan.
Sectors
- Real Estate Development
- Public Infrastructure
Geography
- United States – The project takes place in Manhattan, New York City, within the United States, involving the local city council's decisions.
- New York City – The development is specifically aimed at enhancing New York City's far West Side, particularly the Western Railyards in Manhattan.
Industry
- Real Estate Development – The article discusses the development of Hudson Yards at the Western Railyards, a major real estate project aimed at enhancing housing and open spaces in Manhattan.
- Public Infrastructure – The financing and development strategy involve public infrastructure through the approval of zoning modifications and innovative financial models like the PILOT system.
Financials
- $2 billion – The estimated cost of developing the platform over the active rail lines at the Western Railyards.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Related Companies LP | PE Firm | Company | The private equity firm leading the development project for Manhattan's Western Railyards. |
| New York City Council | Government | Government | The governing body that approved the financial model, and zoning modifications necessary for the project. |