The Moinian Group and Brookfield Properties received approval for tax abatements totaling $180 million for their respective Hudson Yards developments.
Yesterday the New York City Industrial Agency, the financing arm of the New York City Economic Development Agency, approved Moinian for a $65 million tax exemption that is expected to create $691 million in tax and new net revenue over a 25-year period, the Commercial Observer reported.
Moinian, as The Real Deal first reported, filed an application in late December for its $1.6 billion, 67-story office tower at 400 11th Avenue, dubbed 3 Hudson Boulevard.