Jersey City looking to steer tax breaks away from waterfront

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
Former WeWork CEO Adam Neumann (Getty Images, iStock, Yard 8 Miami, Stacks on Main, Trulia, Power Design Inc., Inkwell Decatur, Wikipedia, Illustration by Kevin Cifuentes for The Real Deal)
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
Goldman Sachs to launch fund supporting Black affordable developers
Goldman Sachs to launch fund supporting Black affordable developers
Rendering of 711 Montgomery Street (Marchetto Higgins, Stieve Architects)
Brooklyn investor nabs $95M construction financing for Jersey City high-rise
Brooklyn investor nabs $95M construction financing for Jersey City high-rise
NYC hotel property taxes skyrocketed to 30% of revenue: report
NYC hotel property taxes skyrocketed to 30% of revenue: report
NYC hotel property taxes skyrocketed to 30% of revenue: report
LeFrak earns approval for 387-unit building in Jersey City
LeFrak earns approval for 387-unit building in Jersey City
LeFrak earns approval for 387-unit building in Jersey City
Stephen Ross and Charles Kushner (Getty)
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Attorney General Letitia James, Tax Equity Now’s Policy Director Martha Stark and Mayor-Elect Eric Adams (Getty)
Do-or-die: Group files final appeal for property tax reform
Do-or-die: Group files final appeal for property tax reform
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
arrow_forward_ios

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

Loading...