Lost tax break for Kushners add to woes in New Jersey city
The real estate firm owned by the family of Jared Kushner has withdrawn a request for a big tax break for one its building projects in Jersey City, New Jersey, city spokeswoman Jennifer Morrill said Wednesday.
The company had sought a 30-year break from city taxes for the planned building, called One Journal Square, a proposed two-tower complex in a struggling section of the city.
The 79-story One Journal Square project gained attention last month after Jared Kushner's sister, Nicole Kushner Meyer, mentioned her brother in a presentation in Beijing where she had hoped to attract Chinese investors in the building.
Government ethics experts blasted the family for what they said was an attempt to profit off Jared Kushner's position in Washington, and the Kushner Cos. canceled upcoming investor presentations in the country.
The family was trying to raise money through the EB-5 visa program that grants temporary U.S. residency to wealthy foreigners in exchange for investments of at least $500,000 in certain U.S. projects