Related refuses to cough up funds for park near Hudson Yards

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
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
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
Facebook close to finalizing Hudson Yards office deal: report
Brookfield's Bruce Flatt, 2 Manhattan West; SL Green's Marc Holliday, One Madison Avenue (Manhattan West, Getty, Brookfield, SL Green)
The 10 biggest Manhattan office leases of 2022
The 10 biggest Manhattan office leases of 2022
KKR's Henry Kravis and Meta's Mark Zuckerberg with 30 Hudson Yards (Getty, Rhododendrites, CC BY-SA 4.0 via Wikimedia Commons)
KKR takes over Meta’s large 30 Hudson Yards office
KKR takes over Meta’s large 30 Hudson Yards office
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
The Moinian Group’s Joseph Moinian with 37-10 and 37-20 114th Street
Moinian sells dev site near LaGuardia for $50M
Moinian sells dev site near LaGuardia for $50M
Manhattan Community Board 4 chairperson Jeffrey LeFrancois and 550 West 20th Street (Getty, Google Maps)
Meet the community board calling for more housing
Meet the community board calling for more housing
arrow_forward_ios

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

Loading...