Goldman Sachs out, but NY development unchanged

February 1, 2010

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NEW YORK—The Metropolitan Transportation Authority says Goldman Sachs will no longer be a minority partner in a deal to redevelop the rail yards on Manhattan's West Side waterfront, but the project is expected to proceed unchanged.

Joanna Rose, a spokeswoman for the developer Related Companies, said Monday that it plans to continue with the $1 billion deal and can do so whether or not it finds a new minority partner.

MTA spokesman Jeremy Soffin says the deadline for finalizing the project has been delayed two months until the end of March to get the paperwork in order.

The parties have agreed that Related will wait to begin building on the 26-acre site until a number of economic recovery triggers have been met.

A Goldman Sachs spokeswoman declined to comment.