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NYC OKs $120M Tax Breaks For Hudson Yards, Willets Point

Law360, New York (December 11, 2013, 8:15 PM EST) -- The New York City Industrial Development Agency approved nearly $120 million in tax breaks Monday for ongoing development projects at Manhattan’s Hudson Yards and at Willets Point in Queens.

The IDA voted 12-0 Monday with two abstentions to approve a $76.5 million property tax exemption for the developer — a joint venture between Related Cos. and Oxford Properties Group — of a commercial and retail office tower planned at the Hudson Yards site, according to a Bloomberg report. The IDA also voted 12-1 with one abstention...
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