Harlem developers sue city over $17M tax break denial
The developers behind Harlem’s Victoria Tower are taking the city to court, claiming bureaucratic foot-dragging cost them nearly $17 million in tax benefits that could imperil the tower’s finances. Danforth Development and its partners — Exact Capital, the Lam Group and Falconwood Corporation — allege in a Manhattan Supreme Court suit that the Department of Finance wrongly denied their application for a full Industrial and Commercial Abatement Program break on the 26-story tower on 125th Street, Crain’s reported. Completed in 2023, the $80 million project blends 191 residential units and a 210-key Renaissance hotel above the restored Victoria Theater with […]
This article originally appeared on The Real Deal. Click here to read the full story.
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