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MegadealsSubsidy Tracker Individual Entry
Company: Brookfield Properties
Parent Company:
Brookfield Corporation
Subsidy Source: local
Location: New York
City: New York
County: New York
Project Description: Multi-site office development at Hudson Yards
Year: 2006
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $194,000,000
Program Name: Tax abatement
Awarding Agency: New York Industrial Development Agency
Type of Subsidy:
MEGADEAL
Source of Data: Bridget Fisher and Flavia Leite, June 2022, "Selling TIF: Positioning Hudson Yards as a project that pays for itself," Cities vol. 125,
(click here).
Notes: Brookfield Properties is building two new office buildings for the first phase of the Hudson Yards redevelopment project in New York City. Brookfield received a 25-year discount on its payments-in-lieu-of-taxes worth an estimated $194 million according to the IDA's own cost-benefit analysis. This total does not include sales tax exemptions on construction materials the company may have received as part of its PILOT agreement with the IDA. For more information on the Hudson Yards project, see the 2006 New York MEGADEAL entry for Related Companies. Overlap with main data: None.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.