The Diamond District and the Tennis Center are among the beneficiaries. On November 13, 2007 the New York City Industrial Development Agency voted to provide over $105 million in financial assistance to four entities.

IDA awarded up to $51 million in tax benefits to Extell Diamond Tower LLC, an affiliate of Extell Development Company, which will build an integrated diamond and jewelry industry facility in Manhattan’s Diamond District. IDA will extend a mortgage recording tax waiver, building tax exemption, and both City and State sale and use tax exemptions. According to IDA, the facility will include diamond trading, cutting, brokerage, sales and support services, and will create or retain 3,117 jobs. (more…)