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.
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