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Trump to announce Riverside So. 'tax plan.' (Donald Trump seeking change in tax policy affecting his Riverside South residential development project in New York, New York)

High taxes are claiming jobs in New York City, an adamant Donald Trump told a crowd of building industry professionals last week.

"The biggest priority has to be to reduce taxes," Trump proclaimed." ... they've got to bring down the number so people say I've got to move to New York."

As the developer of Riverside South, one of the few private-sector projects on the drawing board in New York City, Trump said those who are willing to invest in the Big Apple need incentives to take a bite rather than be penalized.

In two or three weeks, Trump said, he will announce his "tax plan" for the project, which consists of 5,700 residential units to be built from 59th Street to 72nd Street on the site of the abandoned Penn rail yards.

The third in a series of building industry breakfast forums focusing on future projects and the jobs they will create attracted some 150 executives, including engineers, construction managers, contractors and suppliers. A Building Congress spokesperson said they had to "cut off" the number permitted to attend because of the room's capacity.

In addition to the oilerous transfer, capital gains and mortgage recording taxes, Trump said the city's economy is also hurt by a 21.5 percent hotel tax. After many years of zoning battles and community negotiations, Trump said he is determined to build this project, but he will need a show of support from government in the way of tax incentives.

"There's no way I've wasted six years on this and not have it happen," he said.

The tax burden in other cities is so much less, Trump said, that the temptation for corporations and investors to focus themselves in those regions is great.

"In other cities, if you are a developer, they erect you a statue," he said. "In New York, if you are a developer, you've got a problem."

The breakfast forums are co-sponsored by the New York Building Congress and New York Construction News.
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Author:Fitzgerald, Therese
Publication:Real Estate Weekly
Date:May 26, 1993
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Next Article:Proposed rent hikes called 'ridiculous.' (Rent Guidelines Board's proposes increases on rent-stabilized apartments in New York, New York)

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