Diller’s IAC Made $158mm for Cleaning Up $18mm Mess?


At last, more clues about why Barry Diller’s IAC put its preposterously shaped headquarters where it did: Because there was some grease in the ground the city wanted cleaned up.  New York tax breaks, the Daily News reports, allow developers to deduct 22% of the total cost of the project if they clean up the dirt first.  Barry’s scrubbing tab apparently topped out at $18 million, which means IAC cleared $140 million on the deal.  No wonder they put The Meringue a hundred miles from the nearest subway.  (Photo by Andrew Baron, Rocketboom)