Jersey City looking to steer tax breaks away from waterfront

TRD New York /
Aug.August 21, 2013 09:13 AM

The new mayor of Jersey City wants to take generous tax breaks away from the waterfront and apply them to less prosperous neighborhoods in the city. Steve Fulop said his plan – which will be announced this week – would give developers the incentive to begin building in areas other than the waterfront, which has experienced a surge of projects in recent years. In particular, Fulop is looking to transform two neighborhoods – Journal Square and Bergen-Lafayette — that are well-connected to Manhattan by public transit.

The change in strategy suggests an effort to lure companies and residents away from New York to the two neighborhoods.

“There’s a window for us to be aggressive,” Fulop told the Wall Street Journal, which first reported the story.

In the past, Jersey City’s waterfront tax abatements led to the development of several high-rise towers, including those that house the offices of investment bank Goldman Sachs and wealth manager Merrill Lynch.

Jersey City has “utilized the program much more than the neighboring communities,” Robert Kossar, an executive managing director at Jones Lang LaSalle who brokered deals for developers using the tax breaks, told the newspaper. [WSJ]Hiten Samtani


Related Articles

arrow_forward_ios
From June through August, sales taxes collected from the city’s accommodation businesses fell $2.2 billion short of the year-ago total. (iStock)

Business at city hotels down a stunning 90%

Business at city hotels down a stunning 90%
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

All Year nears $650M financing for Bushwick luxury rentals

All Year nears $650M financing for Bushwick luxury rentals
Gov. Phil Murphy (left) and billionaire David Tepper

Does taxing the wealthy really drive them away?

Does taxing the wealthy really drive them away?
Kushner Companies ends legal battle, resumes Jersey City project

Kushner Companies ends legal battle, resumes Jersey City project

Kushner Companies ends legal battle, resumes Jersey City project
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)

“There’s a lot of money to be made”: IRS targets foreign real estate investors

“There’s a lot of money to be made”: IRS targets foreign real estate investors
Seven Springs in Westchester and Donald Trump (Getty; Trump Org)

Trump may throw in towel on Seven Springs

Trump may throw in towel on Seven Springs
Manhattan District attorney Cyrus Vance Jr and President Donald Trump (Getty; iStock)

Manhattan DA can see Trump tax returns: judges

Manhattan DA can see Trump tax returns: judges
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...