Not more than two weeks since the deal between the Metropolitan Transit Authority and Tishman Speyer Properties to develop the Hudson Railyards fell apart, the city has a new developer for 26-acre site.

Yesterday, the MTA reached a $1 Billion agreement with Related Companies to transform the site in Midtown Manhattan, which sits between 30th and 33rd Streets on both sides of 11th Avenue. Related, which was one of the four original bidders negotiating for the site, essentially agreed to the same terms as Tishman, after its chief executive, Stephen M. Ross, expressed remorse at losing out to Tishman the first time around.