Thursday, June 1, 2017

How Jared Kushner built a luxury skyscraper using loans meant for job-starved areas


JERSEY CITY — Jared Kushner and his real estate partners wanted to take advantage of a federal program in 2015 that would save them millions of dollars as they built an opulent, 50-story residential tower in this city’s booming waterfront district, just across the Hudson River from Lower Manhattan. There was just one problem: The program was designed to benefit projects in poor, job-starved areas. So the project’s consultants got creative, records show. They worked with state officials in New Jersey to come up with a map that defined the area around 65 Bay Street as a swath of land that stretched nearly four miles and included some of the city’s poorest and most crime-ridden neighborhoods. At the same time, they excluded some wealthy neighborhoods only blocks away. The tactic — critics liken it to the gerrymandering of legislative districts — made it appear that the luxury tower was in an area with extraordinarily high unemployment, allowing Kushner Companies and its partners to get $50 million in low-cost financing through the EB-5 visa program.

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