One Journal Square, a Kushner Company Skyscraper planned in Jersey City, stands to lose a $6.5 million annual tax credit. As reported by WNYC, the mixed-use luxury housing, office and retail space which is owned by Kushner company, and which was home to We Work, missed a May deadline for extending its state tax credit. “By not submitting the required documents or requesting an extension by the deadline, the company did not meet the terms of its approval,” wrote Virginia Pellerin, a spokeswoman for the New Jersey Economic Development Authority.
WeWork, the workspace-sharing start-up, entered a 50-50 partnership in the project but subsequently decided to pull out from the building. Now Kushner Company is not only lacking a partner and an anchor tenant, but it also faces uncertainty about whether a new tenant will qualify for the $6.5 million annual tax break. The lost tax credits were part of a state economic development package approved by the New Jersey Economic Development Authority in November 2015. To top it all off, Jersey City Mayor Steven Fulop and other Jersey City officials are vowing to block a 30-year tax abatement worth tens of millions of dollars that the Kushner Companies have been lobbying for.
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