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Re: WeWork, Kushner mulling WeLive in Jersey City
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Kushner Cos. Loses $6.5 Million Tax Break For Jersey City Skyscraper

One Journal Square, the Jersey City skyscraper that White House adviser Jared Kushner's family marketed to wealthy Chinese investors as a way to get U.S. visas, will probably need more money: WNYC reports, "A $6.5 million annual tax credit attached to its erstwhile anchor tenant, WeWork, is about to be revoked."

WeWork had been planning on bring both their co-working and co-living brands to the $400 million tower. According to Bloomberg News, "Kushner and [partner] KABR were each slated to own one fourth of the WeWork tower, according to the request to the development authority. WeWork would own the remainder. But $59 million in tax breaks were tied to WeWork’s occupying and operating the building as a technology incubator—not merely owning it. A spokesman for WeWork declined to comment."

WNYC reported that "WeWork, which had entered into a 50-50 partnership with Kushner Companies for the project, 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,' a spokeswoman for the New Jersey Economic Development Authority, Virginia Pellerin, said in an email... [T]here’s no guarantee that any future tenant would get the $6.5 million in tax breaks, further squeezing the building’s finances."

http://gothamist.com/2017/06/09/kushn ... ses_65_million_tax_br.php


Posted on: 6/9 13:24
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Re: WeWork Tax Abatement
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This does seem likely to hurt other landlords - who in turn might also want such deals.

Posted on: 2016/11/5 19:52
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Re: WeWork Tax Abatement
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Over how many years is this tax abatement? Is it property tax, income tax or something else? $ 59 million is an awful lot of tax money, especially when WeWork doesn't create too many jobs either.

Anyone know where we can find the precise details of this abatement?

Posted on: 2016/11/5 19:12
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Re: WeWork Tax Abatement
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Yes. I do not understand why or how we work should get a $59 million tax abatement. This is ridiculous. Stop wasting taxpayers money! I'd rather be not cool than waste money

Posted on: 2016/11/5 18:52
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WeWork Tax Abatement
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Recently, the multibillion dollar valued co-working firm WeWork dismissed an executive after he said Jersey City wasn't "cool" even though WeWork was to receive a reported $59 MILLION dollar tax abatement to sign a 100,000 Square Foot lease in our "not cool" city.

Candice Osborne (NJ city council) then leapt to the defense of JC and this resulted in the firing of the offending WeWork executive. She boasted of just how COOL and HIP we really are!
http://therealdeal.com/2016/10/18/sea ... y-comments-spark-outrage/

If we are so cool then does a co-working company that produces negligible jobs need the incentive of a $59Million dollar tax incentive to sign a lease? How about the developer Jared Kushner's company and a partner - do they deserve the help getting 100,000 SF leased in their new towers at our expense? Is there demand for 100,000 SF of coworking space there....

I'd like to know - but since from what I have seen minutes of meetings are not updated and the tab on the council site for Tax Abatement proceedings is curiously empty.

Does anyone have advice on how I can research this issue since I cannot really argue one way or the other if I can't find the facts.

Posted on: 2016/11/5 18:31
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Re: WeWork, Kushner mulling WeLive in Jersey City
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Quote:

JCishome wrote:
Gee, putting a 35-year-old in charge of a $1 billion company's expansion seemed like such a good idea...


You mean that NERD from Facebook ?

Posted on: 2016/10/19 23:27
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Re: WeWork, Kushner mulling WeLive in Jersey City
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Gee, putting a 35-year-old in charge of a $1 billion company's expansion seemed like such a good idea...

Posted on: 2016/10/19 12:53
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Re: WeWork, Kushner mulling WeLive in Jersey City
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(LOL)

NYC exec out after questioning Jersey City's cool quotient

By Terrence T. McDonald | The Jersey Journal
on October 19, 2016 at 9:21 AM, updated October 19, 2016 at 9:31 AM

The executive with co-working firm WeWork who last week raised hackles in Jersey City for saying it is "not cool" and has "no vibe" is no longer with the company, The Real Deal reports.

http://www.nj.com/hudson/index.ssf/20 ... q.html#incart_2box_hudson

Posted on: 2016/10/19 9:48
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Re: WeWork, Kushner mulling WeLive in Jersey City
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Journal Square will not have the critical mass to sustain a WeWork for 10 years. I agree this is a CYA moment on a deal that was a little overzealous on the area.

Posted on: 2016/10/12 11:18
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Re: WeWork, Kushner mulling WeLive in Jersey City
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This sounds like posturing / spin on a deal gone bad. WeWork was supposed to be a tenant in the One Journal Square project:

http://therealdeal.com/2016/06/20/wew ... ng-welive-in-jersey-city/

I'm sure we'll find out more, soon...

Posted on: 2016/10/12 0:29
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Re: WeWork, Kushner mulling WeLive in Jersey City
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WeWork exec says Jersey City not cool enough for his firm

  • REAL ESTATE WEEKKLY - By   •   October 11, 2016

Co-working giant WeWork has made headlines for its ambitious growth plan. Last year, co-founder Adam Neumann told the crowd at a real estate panel that the company was looking to take 30 million s/f in the next five years.

But despite the fact that the firm seems to be taking another 100,000 s/f of space somewhere in New York City every week, they are some places the six-year-old firm won’t be taking space any time soon.

Sean Black, an executive vice president at WeWork, told attendees at a CoreNet panel at the Grand Hyatt in Midtown that his firm is looking closely at Bushwick to open its next outpost, because, unlike Jersey City, it’s “cool.”

http://rew-online.com/2016/10/11/wewo ... cool-enough-for-his-firm/



Lol, having a progressive mayor and a diverse city wasn't "cool" enough for these hipsters?

Posted on: 2016/10/11 21:55
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Re: WeWork, Kushner mulling WeLive in Jersey City
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WeWork exec says Jersey City not cool enough for his firm

  • REAL ESTATE WEEKKLY - By   •   October 11, 2016

Co-working giant WeWork has made headlines for its ambitious growth plan. Last year, co-founder Adam Neumann told the crowd at a real estate panel that the company was looking to take 30 million s/f in the next five years.

But despite the fact that the firm seems to be taking another 100,000 s/f of space somewhere in New York City every week, they are some places the six-year-old firm won’t be taking space any time soon.

Sean Black, an executive vice president at WeWork, told attendees at a CoreNet panel at the Grand Hyatt in Midtown that his firm is looking closely at Bushwick to open its next outpost, because, unlike Jersey City, it’s “cool.”

http://rew-online.com/2016/10/11/wewo ... cool-enough-for-his-firm/


Posted on: 2016/10/11 21:51
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Re: WeWork, Kushner mulling WeLive in Jersey City
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Who would have guessed

Posted on: 2016/6/21 0:36
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WeWork, Kushner mulling WeLive in Jersey City
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WeWork, Kushner mulling WeLive in Jersey City

One Journal Square could become company's third co-living location
THE REAL DEAL

June 20, 2016 11:00AM
By Konrad Putzier

Jersey City could become home to WeWork’s third co-living location in the U.S. The shared office company and Kushner Companies are mulling turning part of the 57-story development One Journal Square into a WeLive space, according to a source familiar with the project.

Kushner Companies plans to complete the $400 million tower, developed in partnership with WeWork and KABR Group, in 2018. According to previous news reports, WeWork will run a 101,000-square-foot co-working space in the building. The co-working company in November won a $59 million award from the New Jersey Economic Development Authority for the project, which the authority estimates will create 723 full-time jobs.

Kushner Companies and KABR bought the site for $27 million in January 2015 and are also partnering on two other Jersey City developments at 30 Journal Square and at 65 Bay Street.

Read more:  http://therealdeal.com/2016/06/20/wew ... ng-welive-in-jersey-city/


Posted on: 2016/6/20 22:21
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