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NYC Agency Approves Tax Breaks for Hudson Yards, Willets Point

A New York City agency approved $120 million in tax breaks for the developers of Hudson Yards on the far west side of Manhattan and Willets Point in Queens.

The Industrial Development Agency voted 12-0 with two abstentions to approve a $76.5 million property-tax exemption for New York-based Related Cos. to redesign a 49-story tower in Hudson Yards, according to Ben Branham, chief of staff at the Economic Development Corp. Related will invest $1.2 billion.