Posted Nov 20, 2025, 2:03 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,199
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https://therealdeal.com/new-york/202...-hudson-yards/
Related inches closer to lucrative tax break at Hudson Yards
Developer seeking $2B from city to build platform over Western Rail Yards
Nov 19, 2025
Holden Walter-Warner
Quote:
The city’s Industrial Development Agency approved a resolution that amends the Uniform Tax Exemption Policy in the area with the Hudson Yards development site, Crain’s reported. The expansion of the relevant zone, notably, is not the same as Related receiving its desired tax break.
The 15-person board — partially stacked with mayoral appointees — almost unanimously approved the change to the Uniform Tax Exemption Policy. The exception was Comptroller Brad Lander, who supports the project, but not its use of city funds.
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Quote:
Ultimately, Related is looking to build four mixed-use towers on the site that will deliver approximately 4,000 residential units, green space and a school.
The City Council approved the rezoning of the site back in June, a month after Related dropped its bid to put a casino on the site. The changes to the 2009 rezoning of the site also allowed for an office building and a hotel.
Related previously indicated that the housing units will primarily be rentals. The Adams administration announced the developer had committed to a minimum of 625 affordable apartments, up from 400. The pledge is likely driven by affordability requirements of the 485x property tax break.
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