Willets Point Developers Ask City for $43 Million in Tax Breaks

Willets Point has been all over the news this week. Here’s the latest: the Daily News reports that the city will hold a public hearing today regarding the developer’s request for $43,000,000 in tax breaks. The city’s Industrial Development Agency will make a final decision on the matter Tuesday. Given that the city is already giving this land to the Queens Development Group (composed of Sterling Equities and Related Companies) for $1, opposition emerged to the hefty amount of tax breaks. State Senator Tony Avella, a longtime detractor of the development, tells the News: “This whole thing has been a disaster from beginning to end. How do you justify [giving] tens of millions of taxpayer money when you’re selling the property to the developers for a dollar?”

The city is now trying to relocate Iron Triangle tenants, who are working with a deadline of January 31st if they want any rent payout. Right now, more than 30 businesses have left or are in the process of leaving. Another 50 businesses are eyeing a large warehouse space in Hunts Point.

Developers of Meg-Mall Complex near Citi Field Seek $43 Million Tax Break from City [NY Daily News]