Related refuses to cough up funds for park near Hudson Yards

TRD New York /
Jun.June 03, 2013 09:00 AM

A new city-owned park being built on Manhattan’s far West Side is being supported by neighborhood developers and landlords, but the Related Companies, whose 26-acre Hudson Yards project kisses the park’s southern edge, is refusing to contribute dues, the Wall Street Journal reported.

Executives at Related told people working on the park that the company is already responsible for bankrolling the maintenance and operations of more than 12 acres of open space on the Hudson Yards site, according to the Journal. Paying dues for the park, the executives believe, would amount a form of double taxation.

The park’s first phase is slated to run from West 33rd to West 36th streets. Landlords in the area who are contributing dues feel that Related should step up.

“They should be paying the same thing as everybody else does,” Oskar Brecher, director of development for Moinian Group, told the Journal.

The park is eventually slated to cover a large part of the West Side from West 30th Street to West 42nd Street, and from Ninth Avenue to the east side of 11th Avenue. Landlords would pay into a business improvement district fund based on the square footage, assessed value and type of property they own.

But that proposed area would include the eastern half of Related’s 26-acre development, and the developer feels that the BID boundaries should be redrawn to exclude it.

“We are supportive of the creation of a BID to provide enhanced services to the new neighborhood and maintain the new Hudson Park and Boulevard, funded by the properties that border it and will primarily benefit,” a spokeswoman for Related said in a written statement to the Journal. [WSJ]Hiten Samtani


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

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

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

Jay Kriegel (Credit: Kent Presents)

Jay Kriegel, Related senior adviser and ex-mayoral chief of staff, dies

Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

These were NYC’s top office leases in November

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

arrow_forward_ios