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

Developers' projects to cost $1.6B and $2B respectively

TRD New York /
Feb.February 11, 2015 09:35 AM

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 

Related Article

arrow_forward_ios
From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Stephen Ross at the opening of the Hudson Yards

Stephen Ross says criticism of Hudson Yards reflects anti-business sentiment in NYC

From left to right: Elizabeth Ann Stribling-Kivlan (president of Stribling & Associates), developer Michael Shvo, MaryAnne Gilmartin (CEO of L&L Mag), Vishaan Chakrabarti (founder of PAU Studio) (Credit: Emily Assiran)

Developers and brokerage heads riff on Stribling sale, condo pricing and myths about Billionaires’ Row at TRD forum

RXR Realty's Scott Rechler and CBRE's MaryAnn Tighe (Credit: Emily Assiran)

Rechler and Tighe on the future of CRE and city politics

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

NYCHA abandons Hudson Yards-linked development plans

Hudson Yards office rents on the rise, Google reshapes Midtown South market and more of the biggest trends in CRE right now

arrow_forward_ios