Stephen Ross’ the Related Companies got a $328 million tax break from the city for the construction of an office tower and a mall at its Hudson Yards megaproject, a spokesperson for the city’s Industrial Development Agency said.
The IDA has already given Related’s South Tower — which was financed by Barry Sternlicht’s Starwood Property Group — at Hudson Yards $106 million in tax breaks. The mall and office project will also benefit from $3 billion in city bonds sold to fund the No. 7 Subway line extension, according to an analysis by the Independent Budget Office.
Last week, Related vice president Andrew Rosen testified before the IDA and said the tax break was “indispensable to the construction of this world-class commercial project in what today remains an underutilized portion of the city,” Bloomberg News reported. The website did not include a comment from Related. [Bloomberg News] – Hiten Samtani