Related gets $120M tax break for Hudson Yards, Willets Point

TRD New York /
Dec.December 11, 2013 08:05 AM

Stephen Ross’ Related Companies received approval yesterday for a combined $120 million in tax exemptions for two of its largest projects — Hudson Yards and Willets Point.

Although the city reviewed the request at a public hearing last week, the Industrial Development Agency made the final call, voting 12-1 in favor of granting Related’s request. The IDA board meeting will be the last one to be held during Mayor Bloomberg’s administration.

Related will get $76.5 million in tax breaks to redesign a 49-story building in Hudson Yards on the Far West Side, and – with its partner Sterling Equities – $42.6 million to build 30,000 square feet of retail, a 200-room hotel and much more near Citi Field in Queens, where it is redeveloping the Willets Point area.

Mayor-elect Bill de Blasio has said he plans to cut $2 billion to $3 billion in city-approved tax breaks per year, a shift in policy from the Bloomberg administration, which often provided tax relief to real estate developers, Bloomberg News said.

In October, the City Council approved the Willets Point project, and last month, the city’s $1 sale of 23 acres of land to the developers was made official. Also in October, Related received a $328 million tax break from the city for the construction of an office tower and a mall at Hudson Yards, as previously reported. [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios

Related is the latest developer to target the Rockaways

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing

Gym chain creator looks to part ways with Westchester County compound

arrow_forward_ios