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NEW YORK CITY — The Metropolitan Transit Authority (MTA), along with Governor David Paterson and Mayor Michael Bloomberg, have announced the conditional selection of the Related Cos. and Goldman Sachs to develop the $1 billion Hudson Yards project in New York City. Comprised of the Western Rail Yard and the Eastern Rail Yard, the development team plans to turn the area into a dynamic mixed-use neighborhood that will feature affordable housing, retail stores, restaurants, office space, an expansive public space as well as galleries, arts and culture. The extension of the #7 line is expected to make the area a thriving transit oriented community. The joint venture was selected after Tishman Speyer withdrew its bid for the project.