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New York

Deal for Goldman Sachs tower in JC

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The Goldman Sachs Group received approval yesterday to build a Jersey City tower as part of a deal that will give the investment bank a property tax break worth around $4 million a year for the project. The 30-story tower will be Goldman’s second in Jersey City, and the company plans to begin construction of it in 2009, after it finishes building its $2.4 billion headquarters in Battery Park City. Goldman’s first Jersey City tower is only 60 percent full. Some critics say the bank exploits corporate tax breaks without delivering the thousands of jobs the government subsidies it receives are supposed to foster. more [NYT]