The next phase of the Hudson Yards redevelopment project in New York could come with increasing costs to the city, according to the Independent Budget Office watchdog agency.

Next week, approvals are likely for an 80-story office tower and 1.1 million square foot shopping mall at the project site on Manhattan's far West Side. The tower and mall together are in store for a property tax break worth an estimated $328 million over 20 years.

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