Extell, Silverstein, Thor hit with subpeonas over tax breaks

State corruption panel probes links with lobbyists, pols

New York /
Aug.August 07, 2013 08:30 AM

Three of New York City’s biggest developers have been slapped with subpoenas from a state corruption panel investigating huge tax breaks that they received in a law enacted just this year, the Wall Street Journal reported. Gary Barnett’s Extell Development, Larry Silverstein’s Silverstein Properties and Joseph Sitt’s Thor Equities are being asked to turn over reams of correspondence, including years of correspondence with lobbyists and elected officials, a source who examined a subpoena from the Moreland Commission to Investigate Public Corruption told the newspaper.

A provision in the bill, signed by Gov. Andrew Cuomo in late January, slashes residential property taxes on five marquee Manhattan developments, including Extell’s One57 in Midtown, Silverstein’s planned Four Seasons tower in Lower Manhattan, and Thor’s  project 516 Fifth Avenue. The Journal did not identify the other two properties or their owners.

Extell “will cooperate fully with any agency trying to improve government,” a company spokesperson said; the newspaper did not include comments from Silverstein or Thor and did not state whether they were contacted for comment.

The commission confirmed it is issuing subpoenas, but its co-chairwoman, Nassau County District Attorney Kathleen Rice, declined to specify what the documents requested or who received them. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
Extell plans Theater District hotel, avoiding special permit
From left: 200 Amsterdam, Extell's Gary Barnett with Central Park Tower and 130 William Street 
These buildings were the best-selling new developments of 2021
These buildings were the best-selling new developments of 2021
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
Gary Barnett and plans for the 1,100-foot supertall at 570 Fifth Avenue (Extell Development)
Extell files permits for long-awaited Diamond District supertall
Extell files permits for long-awaited Diamond District supertall
arrow_forward_ios

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

Loading...