Brownfields tax break recipients donated $650K to Cuomo

Related Cos. was largest giver with over $260K in contributions

New York /
Jul.July 29, 2014 02:20 PM

Recipients of tax incentives to develop industrial sites in New York have contributed at least $650,000 to Governor Andrew Cuomo’s campaign fund over the past four years, according to a review of state data.

New York City developer Related Companies and its executives and affiliated entities have contributed a total of $262,700 to Cuomo, more than any other recipient, Bloomberg News reported. Related claimed $2.6 million in credits to develop the $500 million Bronx Terminal Market, according to the news site.

Related was one of Cuomo’s top donors in 2014, as The Real Deal previously reported.

The credits are offered to develop so-called brownfield sites that have been contaminated. However, 94 percent of the tax credits have been used to develop rather than clean up New York state’s brownfield sites, according to a study by researchers at the Nelson A. Rockefeller Institute of Government and John Jay College.

“The brownfield credits were intended to remediate and restore blighted land, but they have functioned more as a real estate development program,” the report said.

A spokesperson for Governor Cuomo called the attempt to connect campaign contributions and the tax breaks “far-fetched” and said the administration has been actively pursuing reforms to the brownfields program. [Bloomberg News]Tom DiChristopher


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
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
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
90 Sands Street
Hotel conversions race against the clock
Hotel conversions race against the clock
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
arrow_forward_ios

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

Loading...