Tishman Speyer Seeks City, State Tax Incentives for $707M LIC Project
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An affiliate of Tishmam Speyer is looking for tax breaks in connection with the construction of a $706.7 million two-tower Class A commercial project in Queens, according to the company’s benefits application with the New York City Industrial Development Agency.
Tishman Speyer is seeking $65 million in city tax exemptions and deferrals, plus breaks from the state for the development, NYCIDA documents indicate. Of the $65 million, $8.3 million are NYCIDA benefits, a NYCIDA spokesman explained, and $56.6 million are Industrial and Commercial Abatement Program, or ICAP, benefits provided through the New York City Department of Finance.
The money would contribute to the acquisition of the 71,692-square-foot site at 28-10 Queens Plaza South and the erection of the development. Of the $706.7 million, $10.8 million is allocated for land acquisition, $388.4 million is for construction hard costs and $72.7 million is for soft costs.
Construction is slated to commence next year and the project should be open three years later.