The Real Deal New York

US Attorney Bharara to investigate One57 tax breaks

Extell's luxury tower reportedly got $35M in abatements
January 27, 2015 10:43AM

U.S. Attorney Preet Bharara has launched an investigation into large tax breaks that were granted to Extell Development’s One57.

The luxury tower is estimated to have received at least $35 million in 421-a tax abatements, according to the New York Post.

The Moreland Commission on public corruption was looking into the tax breaks given to the Extell project, but after the probe was abruptly disbanded, Bharara subpoenaed the firm’s case files. A spokesperson for the U.S. Attorney declined to comment to the newspaper.

New York City’s first $100 million-apartment deal was recorded at the luxury tower earlier this month. [NYP] — Claire Moses