Related on track for $328M more in Hudson Yards tax breaks

Stephen Ross’ the Related Companies is looking to get a whopping $328 million in tax breaks from the Bloomberg administration for an office tower and a mall at its Hudson Yards megaproject.

The board of the Industrial Development Agency, an offshoot of the city’s Economic Development Corporation, will hold a public hearing on the proposed tax breaks on Oct. 10. The IDA has already given Related’s South Tower at Hudson Yards $106 million in tax breaks.

Sign Up for the undefined Newsletter

The Independent Budget Office told the Village Voice that the new tax break proposal will increase the city’s tab to fund the project and “undercuts a shift in city policy away from showering retail projects with tax breaks.”

The Voice did not include a comment from Related. Spokespeople for Mayor Michael Bloomberg and City Council Speaker Christine Quinn, who received campaign donations from Related, did not respond to the Voice’s requests for comment. [Village Voice]Hiten Samtani