Kushner to lose $6.5M Jersey City tax break following WeWork departure

Co-working company ditched One Journal Square

New York /
Jun.June 09, 2017 10:00 AM

Kushner Companies TRData LogoTINY is about to lose a $6.5 million tax break for its Jersey City development One Journal Square after WeWork ditched the project.

The co-working company had originally signed on as an anchor tenant and 50-50 partner for the tower but later changed its mind and subsequently missed a deadline to renew its tax credit, WNYC reported. “By not submitting the required documents or requesting an extension by the deadline, the company did not meet the terms of its approval,” a New Jersey Economic Development Authority spokesperson told the radio station.

It’s far from certain whether a potential replacement anchor tenant would get the tax break, which is tied to job creation.

Jersey City’s mayor Steven Fulop earlier said he plans to block another, 30-year tax abatement for the project.

Last month, Kushner executive and Jared’s sister Nicole Kushner Meyer flew to China to raise funds for the project from EB-5 investors, which turned into a public relations nightmare for the company because a presentation reportedly showed a photo of President Trump and noted Jared’s White House ties.

“We’re fully confident that we will receive all approvals required to build One Journal Square in a neighborhood sorely in need of a revitalizing project like ours, providing nearly 4,000 union construction jobs, a memorial plaza and $180 million in tax revenue for Jersey City over the next 30 years,” a Kushner spokesperson told WNYC. [WNYC]Konrad Putzier 


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