Related will spend about $310 million to acquire and redevelop the armory. The city has invested about $30 million for environmental cleanup, roof replacement and facade repairs.
The city and state historical preservation agencies still must approve parts of the design.
The New York City Economic Development Corporation says Kingsbridge is thought to be the world's largest armory. It features Romanesque arches, vaulted ceilings, decorative brick and terra cotta, and large battlement towers.