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Subsidy Tracker Individual Entry

Company: Related Companies
Parent Company: Related Companies
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: real estate
Specific Industry of Parent: real estate
Subsidy Value: $687,200,000
Subsidy Value in 2023 Dollars: $1,044,162,868
Program Name: Tax abatement
Awarding Agency: New York Industrial Development Agency
Type of Subsidy: 
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). Bill Egbert, February 14, 2023, "Manhattan office market still suffering from long Covid: Leasing, net absorption dropped by double digits in year-over-year," (click here).
Notes: The Related Companies is building four new office buildings for the first phase of the Hudson Yards redevelopment project in New York City. Related received a 25-year discount on its payments-in-lieu-of-taxes worth an estimated $687.2 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. A 2018 independent analysis concluded that Hudson Yards' total cost to city taxpayers exceeded revenue captured through the project's TIF district by $2.2 billion. The project's revenue-generating potential has been further hampered by falling demand for office space since the onset of the COVID-19 pandemic. Overlap with main data: None.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.