The developer needs to reapply for tax benefits for the project
Just a day after it was revealed that construction was underway on the Moinian Group's massive Hudson Yards office building, the project might already be facing some trouble. The development firm needs to reapply for $65 million in tax benefits after failing to acquire the requisite construction loans and an anchor tenant, The Real Deal reports.
Joseph Moinian, the head of the development firm, had secured close to $65 million in tax benefits from the New York City Industrial Development Agency (IDA) on the grounds that the development team would secure a full construction loan and an anchor tenant exactly one year from February 10, 2015.
Having failed to meet the deadline, the Moinian Group now has to reapply for the benefits with the IDA, but it remains to be seen whether the agency will provide the tax exemption without an anchor tenant or secure financing.
- Moinian needs to reapply for Hudson Yards tax benefits [TRD]
- Moinian's Hudson Yards Supertall Is Finally Moving Forward [Curbed]