Tax breaks will keep Colbert at the Ed Sullivan Theater

Incentives include a $5M grant from Empire State Development to renovate theater

TRD New York /
Jul.July 24, 2014 08:00 AM

CBS’s “The Late Show” will stay in New York City once Stephen Colbert takes the reins from David Letterman — thanks in part to tax credits and other financial inducements.

The package of incentives includes a $5 million grant to offset the cost of renovating the theater at 1697-1699 Broadway, the New York Daily News reported. New York is making the grant available through the Empire State Development Corporation, the state’s primary economic development agency, according to the newspaper.

CBS will also be eligible for $11 million in tax credits over five years through the Excelsior Jobs Program, an initiative that offers incentives for creating jobs and making investments in New York state. CBS will keep about 200 jobs in the city, Capital New York reported. A number of New York City-based companies such as Vice and Etsy have taken advantage of the Excelsior program to lease additional space or rent out new offices as they grow. [Capital NY] and [NYDN] — Tom DiChristopher


Related Article

arrow_forward_ios

Luxury real estate anyone? US Open stars and their palatial pads

Lena Dunham and 60 Broadway (Credit: Getty Images)

Lena Dunham’s “massive real estate mistake”

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

Leave the furniture, take the diamond ring: Luxury brokers advise vigilance after fellow agent charged in open-house burglaries

iBuyer startup Opendoor launching new home loan program

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

Here’s everything you need to know about Opportunity Zones

arrow_forward_ios