Related holds UES park hostage in return for tax breaks

New York /
Oct.October 03, 2011 12:39 PM

Related Companies has locked down the popular Ruppert playground, a one-acre park squeezed between two skyscrapers spanning 92nd to 93rd streets and Second to Third avenues on the Upper East Side, holding it hostage until the city agrees to give it several million dollars in tax breaks for an adjoining rental property, Carnegie Park, the New York Post reported.

Related purchased the site from the city for $10 million in 1983 under a plan to revive the area. Per the agreement, the company had to maintain the park through June 2008, but has kept it clean and safe until now. It will return the park to the ownership of the city if granted the tax breaks, the Post said.

City Council member Daniel Garodnick said that Related had said it “had a meeting with the city, and had explored the possibility of working out a deal to keep the playground open in exchange for a either a tax incentive or some benefit from the city. Apparently, there was no interest.” [Post]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Mark Zuckerberg with 55 and 30 Hudson Yards
Meta to cut Hudson Yards office space
Meta to cut Hudson Yards office space
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
From left: Related Companies’ Stephen Ross, Sterling Equities’ Fred Wilpon, and Willets Point in Queens (Getty, Jim.henderson/Public domain - via Wikimedia Commons)
Related, Sterling file first plans for Willets Points housing
Related, Sterling file first plans for Willets Points housing
A photo illustration of Related Companies' Stephen Ross along with 514 West 36th Street (left) and 517 West 35th Street (right) in Hudson Yards (Getty, Google Maps)
Related files plans for Hudson Yards office tower
Related files plans for Hudson Yards office tower
New York City mayor Eric Adams and 936 Lafayette Ave (Getty, Google Maps)
Here’s how much NYC mayor made from his Brooklyn home
Here’s how much NYC mayor made from his Brooklyn home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...