Tishman Speyer Seeking $65M In Tax Breaks For NYC Project
A Tishman Speyer affiliate is fishing for tax breaks to help offset the cost of its $700M two-tower commercial development at 28-10 Queens Plaza South in Queens.
Tishman filed an application with the New York City Industrial Development Agency asking for $65M in tax exemptions and deferrals, according to documents reviewed by the Commercial Observer.
Roughly $8M of that is NYCIDA benefits, while the other $56M would be benefits provided by the Industrial and Commercial Abatement Program.
The project, known as One and Three Gotham Center, will contain 1.1M SF of office, 20k to 40k SF of retail and a 388-space parking garage. The project is expected to deliver in about three years, and WeWork recently signed a lease for 285k SF there.
Across the street, Tishman and H&R REIT are developing Two Gotham Center, a 1,789-unit rental tower. [CO]