Related, Sterling seek $43M in Willets Point tax breaks

New York /
Dec.December 05, 2013 01:25 PM

The Related Companies and Sterling Equities have requested $43 million in city tax breaks for their joint $3 billion redevelopment of Willets Point.

The city will review the request at a public hearing tonight. Then, on Tuesday, the Industrial Development Agency will make the final decision, amid oppositions from residents and local politicians.

In October, the City Council approved the project, which would replace several auto body repair shops with a megamall on the western parking lot of Citi Field. There would be a 32,000-square-foot park, 250-spot public parking garage, 210 affordable housing units and more than 50,000 square feet of retail. Then, last month, the city’s $1 sale of 23 acres of land to the developers was made official.

“This whole thing has been a disaster from beginning to end,” state Senator Tony Avella of Bayside, Queens, told the New York Daily News. “How do you justify (giving) tens of millions of taxpayer money when you’re selling the property to the developers for a dollar?”

In October, Related received a $328 million tax break from the city for the construction of an office tower and a mall at its Hudson Yards megaproject, as previously reported. [NYDN] Mark Maurer


Related Articles

arrow_forward_ios
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
125 Pompton Plains Crossroad in Wayne, NJ (Google Maps)
Industrial is still hot: Monello planning 70K sf warehouse
Industrial is still hot: Monello planning 70K sf warehouse
122 8th Street in Passaic NJ, Stonemont Financial Group's Zack Markwell (Loopnet, Getty, Stonemont Financial Group)
Warehouse rising from ashes of infamous Passaic fire
Warehouse rising from ashes of infamous Passaic fire
Warehouse buildings
U.S. industrial sales dropped 30% toward normal in 2022
U.S. industrial sales dropped 30% toward normal in 2022
Rendering of 640 Columbia Street in Red Hook, 9-11 Metrotech Center and TerraCRG's Ofer Cohen
Brooklyn boasted $9B in investment sales last year
Brooklyn boasted $9B in investment sales last year
A photo illustration of 182-22 150th Avenue in Springfield Gardens (Getty, Google Maps)
NYC’s industrial market ends year with a bang
NYC’s industrial market ends year with a bang
10750 Oregon Road, Southold Town supervisor Scott Russell (Loopnet, Getty, Town of Southold)
Moratorium planned to stop North Fork battery project
Moratorium planned to stop North Fork battery project
Mahwah mayor Jim Wysocki with  1 International Boulevard and NJ-17 (Getty, Jim Wysock, Loopnet)
Crossroads drops 800 homes from Mahwah project
Crossroads drops 800 homes from Mahwah project
arrow_forward_ios

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

Loading...