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

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
(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
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
Brookfield's Bruce Flatt, 2 Manhattan West; SL Green's Marc Holliday, One Madison Avenue (Manhattan West, Getty, Brookfield, SL Green)
The 10 biggest Manhattan office leases of 2022
The 10 biggest Manhattan office leases of 2022
KKR's Henry Kravis and Meta's Mark Zuckerberg with 30 Hudson Yards (Getty, Rhododendrites, CC BY-SA 4.0 via Wikimedia Commons)
KKR takes over Meta’s large 30 Hudson Yards office
KKR takes over Meta’s large 30 Hudson Yards office
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
Mets Owner Steve Cohen (Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
Mets owner airs development plans for space around Citi Field
Mets owner airs development plans for space around Citi Field
arrow_forward_ios

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

Loading...