The Real Deal New York

Developer files $100M lawsuit against Long Beach over tax breaks

May 21, 2018 03:29PM

Manhattan developer iStar Financial sued the city of Long Beach, claiming it has lost $100 million in revenue as city officials failed to offer support for tax breaks that Nassau County turned down, Newsday reported. The city officials had issued an initial letter of support for the first application for tax breaks, but didn’t for the firm’s additional requests that followed. iStar submitted plans in 2014 for 522 apartments in two 15-story towers with 11,000-square-feet of boardwalk-level retail space. City officials will vote Thursday to either extend or revoke permits, soon due to expire, which are vital to the project. [Newsday]