Posted Dec 6, 2013, 1:07 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,740
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Quote:
Originally Posted by antinimby
I don't get the reduction in the FAR and where did it go? No way would Related or any developer for that matter, forego any buildable space voluntarily.
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It was clear to me, but I've forgotten for the moment. I'll get back to you when it comes back...
http://www.bloomberg.com/news/2013-12-06...eaks-face-skepticism-from-de-blasio.html
By Martin Z. Braun
Dec 6, 2013
Quote:
Next week, New York City’s Industrial Development Agency, a unit of the city Economic Development Corp., will vote on a $76.5 million property-tax exemption for One Hudson Yards, a redesign of a 49-story tower that Hudson Yards developer Related Cos. purchased from Extell Development Co.
Under terms of the exemption, New York-based Related and a partner will receive a 25 percent to 35 percent break on its real estate taxes for 15 years, said Joanna Rose, a Related spokeswoman. The remainder will go to cover bond payments.
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