WTC tax credits up for grabs

TRD New York /
Jan.January 23, 2009 09:49 AM

The Port Authority of New York and New Jersey is offering $61 million in tax credits to any business that will take space at World Trade Center site 5. The tax credits were supposed to go to JPMorgan Chase, which had planned to make the building its headquarters. JPMorgan still has the option of taking the tax credits, and neither the bank nor the Port Authority has announced JPMorgan wouldn’t move into the building. However, the bank will save $3 billion if it doesn’t move to Lower Manhattan, and decided after acquiring Bear Stearns that it will move into the failing investment bank’s Midtown building. “There had obviously been an earlier discussion with site 5 and its availability for JPMorgan Chase. While that transaction is currently in hiatus, we thought it was important to make clear that it would be available to any commercial tenant who wanted to come downtown,” said Chris Ward, the Port Authority’s executive director.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Jay Kriegel (Credit: Kent Presents)

Jay Kriegel, Related senior adviser and ex-mayoral chief of staff, dies

Halstead Holiday Party 2019

Inside Halstead’s festive re-creation of Studio 54

Catsimatidis scores approval for $300M tower in Florida

Catsimatidis scores approval for $300M tower in Florida

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss