New York Daily News
June 17, 2013
Language quietly inserted into a bill that sailed through the state Legislature singled out five NYC developments to make them eligible for tax breaks that could cost the city tens of millions of dollars in property taxes, the Daily News has learned. Developers of four of the projects, their relatives and affiliated companies gave $1.5 million to various state campaign committees from 2008 to 2012.
The millionaires buying apartments in a soaring tower rising on 57th St. will get more than sweeping views of Central Park: They’ll also be eligible for massive city tax breaks.
So will the homeowners and builders of four other luxury Manhattan condo and rental developments.
Language quietly inserted into a bill that sailed through the state Legislature singled out the five developments to make them eligible for tax breaks — which could cost the city tens of millions of dollars in property taxes, the Daily News has learned.
The sponsor of the bill, Sen. Martin Golden (R-Brooklyn), defended the tax breaks, saying the projects would create jobs and boost the economy.
“These projects were ready to go,” he said.
But Golden could not say who selected the five projects for special treatment. “I’m not sure where they came from,” he said.
And the Assembly sponsor, Keith Wright (D-Manhattan), said he knew little about the tax breaks.
“These five properties — it was important that they benefit from the piece of legislation probably, and I don’t know why, because some of the folks in the Senate wanted them to be included.”