Manhattan city commissioners Tuesday approved more than $2 million in tax breaks to raze the downtown Commerce Bank building and build a new retail and residential space.
Officials from Hutton Development requested a 10-year property tax abatement and a sales tax exemption on construction materials. They also asked the city government to pay for half the cost of improvements to Poyntz Avenue.
Hutton seeks to buy the building at 727 Poyntz Ave., tear it down and construct a four-story, 80,000-square-foot building with retail space on the ground floor and residential space above.
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