Related, Oxford nab $195M in tax breaks for 50 Hudson Yards

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BlackRock to Pay Related and Oxford $1.25B in Move to Hudson Yards. In the deal, BlackRock will pay a rent of $50.8 million annually for the first five years. The rent will increase every five years to $58.4 million, then $66.1 million and then $73.7 million. BlackRock will also foot the bills for operating expenses and property taxes. A.

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Related seeks $30M more in EB-5 financing for Hudson Yards. The other $10 million will cover roughly 50 percent of the Western Rail Yards’ platform. The EB-5 materials also showed new renderings for 50 Hudson Yards, a 2.9-million-square-foot office tower designed by Norman Foster and anchored by fund manager Blackrock.

Related, Oxford nab $195M in tax breaks for 50 Hudson Yards. Related is still looking to secure a $2.56 billion construction loan for the 62-story building. Last month, BlackRock inked a preliminary agreement to take 850,000 square feet at the tower over 20 years. The move will allow the asset manager to receive $25 million in state tax credits over the next decade.

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The New York City Industrial Development Agency approved $195 million in tax breaks for Related Cos. and Oxford Properties Group for their planned $4 billion office tower at 50 Hudson Yards on.

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And according to a new report in Crain’s, the agency has approved $195 million in such tax breaks, which include making fixed payments towards the 985-foot tower’s development costs instead of paying property taxes that vary from year to [.] Norman Foster’s 50 Hudson Yards gets $195M in tax breaks from the city : 6sqft