The Real Deal New York

Moinian, Brookfield get $180M in Hudson Yards tax abatements

Developers' projects to cost $1.6B and $2B respectively
February 11, 2015 09:35AM

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.

Brookfield, likewise was seeking tax abatements for 1 Manhattan West, the first of a pair of mixed-use office towers the REIT is building over the MTA’s western rail yards.  It was approved for a tax break of $115 million expected to net the city $856.9 million in revenue, according to the Observer. [NYO] — Rich Bockmann