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Related Hudson Yards Approved for $328 Million Tax Break

Stephen Ross’s Related Cos. received approval for a $328 million exemption from New York City taxes for the construction of an 80-story skyscraper and a shopping mall at its Hudson Yards development on Manhattan’s west side.

New York’s Industrial Development Agency today approved the subsidy, said Patrick Muncie, an agency spokesman. The project was previously granted a $106 million tax break for the first tower at Hudson Yards, and it also will benefit from $3 billion of city bonds sold to extend the No. 7 subway line, according to an analysis by the city’s Independent Budget Office.