The Real Deal New York

City approves tax breaks for Manhattan properties

Mayor Michael Bloomberg

The city’s Industrial Development Agency voted today to approve Thomson Reuters’ application to shift up to $20.8 million in unused city and state sales tax subsidies from the construction of 3 Times Square to seven other Manhattan properties, Crain’s reported. The approval was a blow to the Newspaper Guild of New York, which is in a contract dispute with Thomson Reuters and had mobilized elected officials to pressure the Bloomberg administration to table the application. In addition, a $10.6 million incentive package was approved for Deloitte to relocate its headquarters to 4 World Financial Center in lower Manhattan from 1633 Broadway, a deal that is contingent upon the accounting firm adding 2,100 jobs. The board also approved $449,000 worth of incentives for 3462 Third Avenue Food Corporation to construct a $1.1 million, 17,000-square-foot Associated Supermarket in the Morrisania section of the Bronx.

[Crain’s]

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