Related gets $328M tax break for Hudson Yards

New York /
Oct.October 15, 2013 01:32 PM

Stephen Ross’ the Related Companies got a $328 million tax break from the city for the construction of an office tower and a mall at its Hudson Yards megaproject, a spokesperson for the city’s Industrial Development Agency said.

The IDA has already given Related’s South Tower — which was financed by Barry Sternlicht’s Starwood Property Group — at Hudson Yards $106 million in tax breaks. The mall and office project will also benefit from $3 billion in city bonds sold to fund the No. 7 Subway line extension, according to an analysis by the Independent Budget Office.

Last week, Related vice president Andrew Rosen testified before the IDA and said the tax break was “indispensable to the construction of this world-class commercial project in what today remains an underutilized portion of the city,” Bloomberg News reported. The website did not include a comment from Related. [Bloomberg News] 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
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
48-00 Grand Avenue in Maspeth and Prologis CEO Hamid Moghadam (Google Maps; Prologis)

Prologis picks up Maspeth parcel for $51M

Prologis picks up Maspeth parcel for $51M
Silvercup Studios in Long Island City, NY (Getty)

The rise of soundstage real estate, by the numbers

The rise of soundstage real estate, by the numbers
Matthew Dicker, Adam Gordon and Jeff Bezos with 1255 and 12595 Flatlands Avenue (Getty, Brooklyn Logistics Center) 

Amazon inks major warehouse deal in East New York

Amazon inks major warehouse deal in East New York
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)

MKF Realty set to close on Related’s Union Square high-rise for $200M

MKF Realty set to close on Related’s Union Square high-rise for $200M
arrow_forward_ios

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

Loading...