One of Jersey City?s biggest proposed residential projects is now ?in danger of collapsing,? according to the Associated Press. One Journal Square, one of the many projects that Kushner Companies is developing across the Hudson, has been stalled for close to a year, and ?a heated exchange of letters and emails with the city? have made it clear that the two sides may not be able to come to an agreement over its future.

The background: Jared Kushner paid $27 million for the vacant site, located smack in the middle of Jersey City?s Journal Square neighborhood, in 2015. The firm had initially courted WeWork as an anchor tenant, but the co-working (and co-living) company backed out of the project earlier this year, forgoing its alleged 50 percent ownership stake in the development and putting a planned tax abatement for the project in jeopardy.

Jersey City mayor Steven Fulop also announced that the city would no longer back One Journal Square, only saying that the project ?doesn?t work for us.? For a hot minute, it looked like the project could be revived, but the AP report contradicts that narrative.

According to AP, the Kushners are now ?making veiled threats of legal action,? and have alleged that politics?namely, a distaste for Jared Kushner?s role within the White House?are behind the city?s refusal to back the project. They also contend that Fulop backed out of the project in order to win votes in the city?s 2017 mayoral election.
https://ny.curbed.com/2018/4/24/172752 ... urnal-square-steven-fulop

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Different Kushner

Kushner already built a tower in JSQ. He's already won.

Read the recent letter from the Jersey City Redevelopment Agency's legal counsel to Kushner Companies. Ties to Trump are the least of the problems.

https://hudsoncountyview.com/wp-conten ... -03-15-Baumann-Letter.pdf

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Be that as it may, the mayor (and, the city administration) can not, on a whim, renege on a deal for no good reason which could in turn lead to costly litigation. Exhibit 1: the suspension/delay of the real estate reval.

That is, quite simply, an irresponsible and cavalier attitude about their fiduciary duty to be conscientious and judicious stewards of the people's money. Costly legal battles can and will zap a good chunk of the taxes the city collects from all of us.

It's always a lot easier to make certain stands and bets when gambling with other people's money. I hope the mayor and the city have valid grounds to renege on a deal. If they don't, stop the games and hold up your end of the bargain.

I would not be surprised if Kushner were 100% correct. It would look bad on Fulop's Democratic resume going forward that he struck a deal with Kushner. In these Twitter-driven times it could be a kiss of death.

by BERNARD CONDON, The Associated Press
NEW YORK (AP) - First, Jared Kushner's big plans for a skyscraper in Manhattan fell apart. Now, it's the turn of his major twin-tower project across the river in New Jersey.

Plans for a pair of gleaming, 66-story residential towers in Jersey City championed by Kushner when he was CEO of his family company are in danger of collapsing amid a heated exchange of letters and emails with the city.

The Kushner Cos. is now making veiled threats of legal action. It is saying the heavily Democratic city, run by Mayor Steven Fulop, ended negotiations over the project for no good reason, other than perhaps bias against Kushner because he has moved on to become an adviser to President Donald Trump, his father-in-law.

"It is crystal clear that Fulop is now playing politics," Kushner Cos. said in a statement to The Associated Press.

http://www.philly.com/philly/news/new ... 446cb4f48f4bcdda023e.html