Related gets $328M tax break for Hudson Yards

TRD 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

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