City approves tax breaks for Manhattan properties

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]