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

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

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 Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Facebook close to finalizing Hudson Yards office deal: report
The Vessel at Hudson Yards (Getty)

Related closes Vessel after third suicide

Related closes Vessel after third suicide
David Boies and 55 Hudson Yards (Getty, Google Maps)

Boies Schiller seeks to shed Hudson Yards office space

Boies Schiller seeks to shed Hudson Yards office space
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
Barclays CEO Jes Staley and Hudson Yards (Getty)

Barclays eyes big move to Hudson Yards

Barclays eyes big move to Hudson Yards
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...