NEW YORK CITY—The New York City Industrial Development Agency has formally approved the Moinian Group as being viable to receive tax abatement benefits for 3 Hudson Blvd. the developer's 1.8 million-square-foot tower in the Hudson Yards District.
Under the terms of the process, Moinian has one calendar year from the date of approval to close with the NYCIDA, through an internal process and review, demonstrating that Moinian has procured sufficient financing to proceed with full construction of 3 Hudson Boulevard.
After passing financing review, Moinian would obtain a minimum 25% tax abatement on approximately 1.5 million square feet of commercial space.
Following the date of the formal tax abatement approval, NYCIDA would then grant Moinian a five-year window to complete a 'substantial' portion of the project.
Check back in with GlobeSt.com for an UPDATE on this story as information becomes available.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
