Moinian, Brookfield get $180M in Hudson Yards tax abatements
Developers' projects to cost $1.6B and $2B respectively
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