NEW YORK, NY May 23, 2008 —The board of the MTA has approved a new developer for its West Side rail yards site.

Officials say that the billion-dollar agreement is already more secure than the deal that fell through with the previous developer.

The Related Companies and Goldman Sachs have already handed over an $11 dollar deposit and signed a preliminary agreement.

Board member Mark Page says the real security comes from an eagerness to develop the site.

PAGE: At the end of the day, the reason they have jumped in very quickly to pick up this deal is that they want it, and that is ultimately the motivator we are relying on here to get closure and get this area developed.

REPORTER: Officials warned that the whole deal could still fall apart if the western half of the yards is not rezoned as planned over the next few years.