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
(Getty)
San Francisco’s tax base to decline for first time in 25 years
San Francisco’s tax base to decline for first time in 25 years
U.S. Representatives Tom Suozzi, Alexandria Ocasio-Cortez and Jerrold Nadler. (Getty)
SALT is crisis for Democrats, not for real estate
SALT is crisis for Democrats, not for real estate
President Joe Biden (Getty, Education Next)
Biden administration considers Opportunity Zone overhaul
Biden administration considers Opportunity Zone overhaul
Clockwise from left: New York Rep. Nydia Velázquez, Ritchie Torres, Jerrold Nadler, Hakeem Jeffries and Tom Suozzi (Getty)
NY Dems lay out ultimatum on SALT repeal
NY Dems lay out ultimatum on SALT repeal
The effective rate was 1.1 percent, on average, in 2020, down from 1.14 percent in 2019. (iStock)
Homeowners’ property taxes grew twice as fast last year
Homeowners’ property taxes grew twice as fast last year
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
arrow_forward_ios

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

Loading...