City floats tax break to restart Garment District rezoning

Owners apparently aren't swayed by it

TRD New York /
Apr.April 13, 2018 06:05 PM

Garment District

The city is trying to sweeten the idea of rezoning the Garment District by offering tax breaks to certain landlords.

Last year, the de Blasio administration temporarily tabled its plan to rezone the area, which would’ve lifted a 1987 restriction that required landlords to maintain a certain amount of manufacturing space in their buildings. Critics of the plan, including Manhattan Borough President Gale Brewer, argued that it didn’t do enough to protect garment tenants.

Instead, the city’s Economic Development Corporation has been offering tax breaks to building owners in exchange for reserving a portion of their properties for manufacturing tenants for a certain amount of time, Crain’s reported. The logic behind the incentive is that the city would then be able to axe the district-wide requirement, while also saving some manufacturing space.

But owners don’t seem to be too hot on the idea. They are uncertain that they’ll find tenants to fill the manufacturing space.

“If I asked you to invest in DVDs, would you do it?” one owner asked.


Related Articles

arrow_forward_ios
348 Court Street (Photo by Justin Heiman/Getty Images)

Collapses raise questions about safety-law exemption

Collapses raise questions about safety-law exemption
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
Assemblyman Harvey Epstein and Senator Brad Hoylman (Epstein by Erik McGregor/LightRocket via Getty Images; Hoylman by Roy Rochlin/Getty Images)

Lawmakers introduce bill to keep rent regulation alive

Lawmakers introduce bill to keep rent regulation alive
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
Governor Andrew Cuomo (Getty, iStock)

What NYC’s phase 4 means for real estate

What NYC’s phase 4 means for real estate
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
arrow_forward_ios

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

Loading...