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Re: $ky $craper deal! -- Votes add up: Goldman gets its abatement
#7
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Last night, for the July 4th fireworks, the south side of Goldman Sachs was blocked off including the Colgate Clock area. Common people are not allowed in that area. But that did not stop Goldman Sachs from setting up some tents for a BBQ for their employees there.

How do we Connect The Parks with this happening?

The land south of the Goldman Sachs building, under the Colgate clock, is owned by the state and has been dedicated as Veterans Park. An area next to that is shared between Liberty State Park and Jersey City.

Posted on: 2007/7/5 18:07
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Re: $ky $craper deal! -- Votes add up: Goldman gets its abatement
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Quote:

harsimoose wrote:
At one time architect I. M. Pei was slated to design Goldman Sachs' second tower. Anybody know if this is still the case?


harsimoose - you beat me to it.

I think it should be a condition for granting the abatement that a building at such a location be designed by a world-renowned architect, such as Mr. Pei.

It's time to have an architecturally compelling new building in Jersey City.

And Goldman Sachs can afford a top architect.

Posted on: 2007/6/29 20:16
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Re: $ky $craper deal! -- Votes add up: Goldman gets its abatement
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At one time architect I. M. Pei was slated to design Goldman Sachs' second tower. Anybody know if this is still the case?

Posted on: 2007/6/29 18:49
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$ky $craper deal! -- Votes add up: Goldman gets its abatement
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$ky $craper deal!
Votes add up: Goldman gets its abatement

Friday, June 29, 2007
By KEN THORBOURNE
JOURNAL STAFF WRITER

Goldman, Sachs & Co. is golden with the Jersey City's governing body.

By a 8-0-1 vote, the Jersey City City Council introduced on Wednesday a 20-year tax abatement for the company's proposed office tower at 50 Hudson St. - right next to its 42-story tower at 30 Hudson St.

The 30-story structure will consist of more than 700,000 square feet of office space, roughly 21,000 square feet of retail space and a 573-car parking garage, officials said.

The 20-year abatement calls for "payment in lieu of taxes" to the city of 15 percent of annual gross revenue for the retail space and a 10 percent of annual gross revenue for the office space.

The first-year "pilot" would be $2.2 million - a far cry from the $165,000-a-year the property currently yields in taxes, city officials said.

Ward E Councilman Steve Fulop, who favored the abatement, abstained since he once worked for Goldman Sachs.

The only dissenting voice on the abatement came from Pamela Gardner, vice president of the Jersey City's NAACP, who during the public speaking portion of Wednesday's meeting questioned how many blacks and Latinos work for the company and how many are in upper management.

Goldman Sachs spokesman Peter Rose declined to comment on this topic yesterday.

Joseph Seneca, a Rutgers University professor working with Goldman Sachs, told council members Monday the $560 million project will generate the equivalent of 274 one-year construction jobs for Jersey City residents, paying on average $58,000 annually.

When the building is finished, 12 percent, or 413 of Goldman Sachs' 3,440 financial workers located in Jersey City will be local residents, Seneca said. These workers earn on average $156,000 annually, Seneca said.

No start date for 50 Hudson St. has been set.

Posted on: 2007/6/29 16:54
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Re: On agenda tonight: Abatement for new Goldman Sachs tower
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The redesigned project was approved by city council last August. Gone is the other half of the "world class" building to complement the first tower, gone is the public winter garden atrium.

We now have a stand alone commerical building that is not to be filled with GS employees.

JC cynic I am, do not be suprised if it eventually built as residential.

Posted on: 2007/6/27 19:55
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Re: On agenda tonight: Abatement for new Goldman Sachs tower
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And I thought someone said that Goldman wasn't happy with JC and was unlikely to build a 2nd tower.

Posted on: 2007/6/27 15:53
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On agenda tonight: Abatement for new Goldman Sachs tower
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Corporate welfare.
=============

On agenda tonight: Abatement for new Goldman Sachs tower

Wednesday, June 27, 2007
By KEN THORBOURNE
JOURNAL STAFF WRITER

Its 42-story tower at 30 Hudson St. is barely 65 percent occupied, but Goldman, Sachs & Co. wants to construct another office building right next to it - and wants a tax abatement to do it.

The Wall Street heavyweight dispatched a phalanx of officials to the City Council's caucus meeting on Monday to describe the high-rise proposed for 50 Hudson St. and make their pitch for a 20-year abatement.

Plans call for a 30-story office building consisting of more than 700,000 square feet of office space, roughly 21,000 square feet of retail space and a 573-space parking facility, Goldman officials said.

By the end of 2009, 30 Hudson will be completely filled, said Goldman Managing Director Dino Fusco.

The proposed 20-year abatement, already given a green light by the mayor's "Tax Enhancement Committee," calls for a "payment in lieu of taxes" to the city of 15 percent annual gross revenue for the retail space and 10 percent of annual gross revenue for the office space.

The first-year "PILOT" would be $2.2 million, officials said. The site currently generates $165,000 a year in taxes, city officials said.

The Goldman abatement is scheduled to be introduced at tonight's council meeting.

Council members were receptive to the application."

Posted on: 2007/6/27 15:05
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