NEW YORK CITY-Related Co.'s request for a $328-million tax exemption on its Hudson Yards development project on the West Side was approved on Tuesday by the New York City Industrial Development Agency.
The project was previously granted a $106-million tax break for the first tower at Hudson Yards. Bloomberg News reports that Related will also benefit from $3 billion of city bonds sold to extend the No. 7 subway line, according to an analysis by the city's Independent Budget Office.
Hudson Yards will feature 13.3 million-square-feet of offices, apartments, parks and cultural venues. Related's partner in the Hudson Yards project is Oxford Properties Group.
The application for the tax subsidy combined a 2.4 million-square-foot office tower with five levels of shopping totaling 1.1 million square feet. The developers expect to finance the $4.1-billion project with a combination of loans, equity and funding from tenants, according to the application. The cost estimate includes $721 million for the platform over the train yard, which serves the MTA's Long island Rail Road. See story at Bloomberg News.
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