Activists Protest Tax Breaks for Luxury Condo

By Samantha Gillo

Activists and lawmakers on Tuesday demanded an investigation of the tax break given to the new luxury condominium One57 whose developers, records show, contributed millions of dollars to state and local candidates and committees.

Extell Development Company, owners of the multi-million dollar condominium on West 57th street in Manhattan and four other developments, were previously ineligible for tax breaks.

Protestors gathered across the street from the construction site to call for the watchdog Moreland Commission to investigate the granting of tax breaks.

According to an analysis by Common Cause New York, the Real Estate Board of New York and 37 companies comprising its leadership, contributed $43.9 million to New York state and local candidates and committees since 2005. Extell Development Company, owners of One57 were among those companies.

“We need to make sure we are doing what we are supposed to do,” said State Senator Liz Kreuger, a Manhattan Democrat. “representing the big picture interest of New Yorkers.”

Kruger espoused ending the Limited Liability Corporations loophole, allowing companies to donate large sums of money to candidates.

Public Advocate candidate Letitia James called One57 “a tall example of a broken system”.

“We need public matching funds for small donors in all offices so that the fat cats who come to live here won’t be able to buy themselves any more special treatment.” said James.

The developer could not be reached for comment.