Sheldon Solow could win $250M in state funds

Developer Sheldon Solow could obtain $250 million in state funds for his East Side former Con Ed site. After initially saying the 9.2-acre site was eligible for the state’s brownfields development incentive program, the state Department of Environmental Conservation changed its mind and said the site was ineligible because development would happen with or without the tax credits it would have been given through the program. Solow sued the DEC and a New York Supreme Court justice ruled in his favor, a decision that is now being appealed. Solow was recently sued by Citibank, claiming that the developer is in default on $85 million in loans tied to the East Side site.