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

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Results are in from Jersey City Airbnb referendum

Airbnb deflated as Jersey City voters tighten rental rules

Jho Low and the Time Warner Center at 25 Columbus Circle (Credit: Getty Images)

Financier at center of 1MDB fraud case agrees to give up hundreds of millions of dollars

(Credit: iStock)

What’s wrong with J-51? Plenty, landlord reps say

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

247 Metropolitan Avenue in Williamsburg (Credit: The Pod Hotel)

Goldman Sachs provides $90M loan to refinance hotel in Williamsburg

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones