From the NY Times:
New York City housing officials and the real estate company that plans to transform the West Side railyards into a high-rise residential and business district have agreed to preserve hundreds of apartments near the site as affordable dwellings for low- and middle-income New Yorkers.
The agreement calls for 551 apartments that are owned by the developer, the Related Companies, or will be acquired by the city, in the area surrounding the 26-acre railyards to remain at those affordable rents, many of them permanently. Rent protections at other development projects often expire.
Related and the city had already pledged to build 743 new below-market-rate apartments as part of the project — 431 out of roughly 5,000 residential units that Related plans at the railyards complex and 312 more to be developed by the city nearby.
The $15 billion railyards project will transform the largest undeveloped site left in Manhattan into a high-rise enclave with 12 million square feet of office towers, apartment buildings, a hotel, parks and retail businesses. The 26-acre railyards, owned by the Metropolitan Transportation Authority, sit on both sides of 11th Avenue between 30th and 33rd Streets, near the Jacob K. Javits Convention Center.
In a $1.054 billion deal last May, Stephen M. Ross, chief executive of Related, signed an agreement with the transportation authority to develop the site.