Related gets $328M tax break for Hudson Yards

A rendering of Hudson Yards and Stephen Ross
A rendering of Hudson Yards and Stephen Ross

Stephen Ross’ the Related Companies got a $328 million tax break from the city for the construction of an office tower and a mall at its Hudson Yards megaproject, a spokesperson for the city’s Industrial Development Agency said.

The IDA has already given Related’s South Tower — which was financed by Barry Sternlicht’s Starwood Property Group — at Hudson Yards $106 million in tax breaks. The mall and office project will also benefit from $3 billion in city bonds sold to fund the No. 7 Subway line extension, according to an analysis by the Independent Budget Office.

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Last week, Related vice president Andrew Rosen testified before the IDA and said the tax break was “indispensable to the construction of this world-class commercial project in what today remains an underutilized portion of the city,” Bloomberg News reported. The website did not include a comment from Related. [Bloomberg News] Hiten Samtani