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(CNBC)   Remember how Queens was freaking out about the $3B tax break Amazon was going to get? The brand new Hudson Yards development in Manhattan got a $6B tax break plus a subway extension   (cnbc.com) divider line
    More: Facepalm  
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640 clicks; posted to Business » on 15 Mar 2019 at 12:10 PM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



27 Comments     (+0 »)
 
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2019-03-15 11:30:58 AM  
Manhattan isn't in Queens.
 
2019-03-15 11:35:28 AM  
I was assured that NYC is going bankrupt, so they're going to finance it Trump style is my guess.
 
2019-03-15 12:12:59 PM  
Remember how Queens was freaking out about the $3B tax break Amazon was going to get?  The brand new port-a-potties in the parking lot at Ralph Wilson Stadium got a $200 tax break plus extra hand sanitizer.
 
2019-03-15 12:14:38 PM  
$5.7B if you include $3.5B in bonds that will be repaid with interest.
 
2019-03-15 12:14:44 PM  
Subway sucks.  There are many better sandwich chains out there.
 
2019-03-15 12:20:08 PM  
I'm getting a kick because I'm on a ship directly across from the Hudson Yards and will soon go for a walk around there when we tie up across the Hudson.
 
2019-03-15 12:22:37 PM  
Show me the Tax $ per Sq. Ft for each project. Hudson Yards is HUGE the tenants are going to be more mixed and diversified. This is kind of comparing golf balls to watermelons.
 
2019-03-15 12:31:09 PM  
Subby sounds like a dildo.

A dildo that's dumb.
 
2019-03-15 12:46:48 PM  

WeedBong420: Subby sounds like a dildo.

A dildo that's dumb.


I was going to ask if they make smart dildos. But then I remembered all that spam email I got when I downloaded that app that remotely controlled a vibrator.

/policy not to imply ownership of course
 
2019-03-15 12:47:53 PM  

JerkfaceMcGee: Hudson Yards is HUGE the tenants are going to be more mixed and diversified.


Yep. I'm sure that there will be rich men, and rich women, and rich white folks, and rich non-white folks, and rich...

They start at $4.3 million for a two-bedroom apartment and get to about $32 million for a duplex penthouse at 15 Hudson Yards, or you can bump it up to a range of $5 million to $28.5 million at 35 Hudson Yards.

Only 10% of the total housing (400 out of 4,000 or so residences) are going to be under the "affordable housing" aegis, available by lottery on seven floors of a building and sequestered from the rich folks, with their own, lesser facilities. Think "servants' quarters."

Not quote so "mixed and diversified," really.
 
2019-03-15 01:02:50 PM  
There can be two crappy things happening. And we can be glad we avoided one of them, even if we didn't avoid them both.

New Yorkers generally aren't super excited about the Hudson Yards project either.
 
2019-03-15 01:07:37 PM  
Amazon Queens was Bezos sticking it to Donnie in a very personal way.
But Donnie showed him, didn't he?
 
2019-03-15 02:21:26 PM  
I thought the Hudson Yards project was an actual shipping yard, and I was going to come in here to say "yeah, but at least Hudson Yards will be paying a living wage to the employees of the shipping yard."  

Did some googling to find out it's actually a mall.  Dammit, world.
 
2019-03-15 02:29:36 PM  
I'm in Queens and I don't remember Queens freaking out.
 
2019-03-15 02:33:29 PM  

JerkfaceMcGee: Show me the Tax $ per Sq. Ft for each project. Hudson Yards is HUGE the tenants are going to be more mixed and diversified. This is kind of comparing golf balls to watermelons.


Exclusive pic of the diverse tenants:

i.huffpost.comView Full Size
 
2019-03-15 03:37:32 PM  
Yeah, but think of all the taxes that rich people pay. Wait, forget I said anything.
 
2019-03-15 03:48:53 PM  
Hudson Yards is 18 million square feet. That's the same amount of space as five World Trade Center towers. It is flipping huge. The actual incentive was only $2.2B for it. The rest is loan guarantees. If the development succeeds it won't cost Manhattan a penny.
 
2019-03-15 04:03:36 PM  

madgonad: If the development succeeds it won't cost Manhattan a penny.


Better use for the space than Jets Stadium. Now if only the city had left space for a new PA Bus Terminal, ramps (or whatever) to the Lincoln Tunnel etc.Oh well.
 
2019-03-15 04:07:23 PM  

HotIgneous Intruder: Amazon Queens was Bezos sticking it to Donnie in a very personal way.
But Donnie showed him, didn't he?


You misspelled "the New York City Council."

Had zero to do with Trump, and either direction.
 
2019-03-15 04:17:50 PM  

damageddude: madgonad: If the development succeeds it won't cost Manhattan a penny.

Better use for the space than Jets Stadium. Now if only the city had left space for a new PA Bus Terminal, ramps (or whatever) to the Lincoln Tunnel etc.Oh well.


Infrastructure isn't sexy. If you want some tax credits you have to at least look like you put out.
 
2019-03-15 07:42:42 PM  
What sort of jobs, housing, and tax base will Hudson Yards drive?
 
2019-03-15 08:30:38 PM  
And in Breaking News, AOC still doesn't understand Economics!
 
2019-03-15 11:34:27 PM  
Another difference is that Related Properties already has like 10% of all Manhattan under its management, so yeah, anything they want done, is done.
 
2019-03-16 03:24:08 AM  

madgonad: Hudson Yards is 18 million square feet. That's the same amount of space as five World Trade Center towers. It is flipping huge. The actual incentive was only $2.2B for it. The rest is loan guarantees. If the development succeeds it won't cost Manhattan a penny.


It does cost them. It costs them the $2.2bn they didn't collect. If the development is so lucrative, they'll have no problem paying the bill, will they?
 
2019-03-16 11:18:56 AM  

JerkfaceMcGee: Show me the Tax $ per Sq. Ft for each project. Hudson Yards is HUGE the tenants are going to be more mixed and diversified. This is kind of comparing golf balls to watermelons.


Diverse? Hudson Yards is a developer's wet dream. Ever since the High Line opened over there and Bloomberg rezoned the area, it's been all high priced developments in that area.
 
2019-03-16 05:07:12 PM  

sojourner: madgonad: Hudson Yards is 18 million square feet. That's the same amount of space as five World Trade Center towers. It is flipping huge. The actual incentive was only $2.2B for it. The rest is loan guarantees. If the development succeeds it won't cost Manhattan a penny.

It does cost them. It costs them the $2.2bn they didn't collect. If the development is so lucrative, they'll have no problem paying the bill, will they?


No, they don't get to collect taxes in the future. You can argue it either way. If nothing would be done without the TIF the city wouldn't be getting that revenue either way and now they will get to tax the income of employees.
 
2019-03-16 06:59:40 PM  
It's Manhattan so, elites.
 
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