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Friday 21 december 2018
Kushners buying 4th New Jersey property in tax-break zone

By BERNARD CONDON requirement. Long Branch's Jackson said
AP Business Writer The AP investigation uncov- the current owner of the
NEW YORK (AP) — Jared ered no evidence that Jar- land, Long Branch Part-
Kushner's family company is ed Kushner or Ivanka Trump ners, has already demol-
buying another property in influenced the choice of ished empty buildings on
a New Jersey beach town the zones. In the end, 8,700 the plot and received ap-
where developers can zones were approved by proval from the city council
get big tax breaks thanks the Treasury Department and planning board to go
to a new federal program earlier this year from a list ahead with plans to build
pushed by Kushner and his submitted by state gover- stores and apartments and
wife, Ivanka Trump. nors. parking spaces there. He
The Kushner Cos. is negoti- But ethics experts say the said the Kushners told him
ating to buy land already couple's push for the pro- they plan to adopt the cur-
approved for retail space In this Aug. 29, 2018, file photo, White House Adviser Jared Kush- gram in Washington raises rent owner's plan.
and apartments in one of ner waves as he arrives at the Office of the United States Trade conflict-of-interest issues A website for the owner, a
thousands of new Oppor- Representative in Washington. nonetheless. Property val- division of Diversified Realty
tunity Zones offering tax Associated Press ues have been rising in Advisors of Montville, New
breaks around the country, zones since the law was Jersey, says the company
Long Branch Business Ad- is a giveaway to wealthy tions of rapid change or full- passed, a possible benefit envisions about 800 apart-
ministrator George Jack- developers.The Kushner out gentrification, including to the Kushners even if they ments on the 10-acre plot.
son said Thursday. It would Cos. did not respond to re- ones in Long Branch. Six do not take advantage of The company did not re-
be the fourth Kushner pur- peated requests for com- of properties are in New the tax breaks. spond to requests for com-
chase in an Opportunity ment. An earlier report in York City's Brooklyn Heights Jared Kushner also could ment.
Zone in the town since the the Asbury Park Press on neighborhood overlooking benefit from an owner- Under the Opportunity
program was included in the deal quotes a Kushner the Manhattan skyline and ship stake in Cadre, a real Zone program, develop-
the Republican-led tax spokeswoman saying the where apartments sell for estate investment com- ers who put capital gains
overhaul law passed in De- purchase is "under con- millions each. pany that he co-founded. from stock sales and other
cember last year. tract." The Kushner Cos. has given It recently announced it is investments into zone prop-
The program has been News of the possible pur- no indication that it plans launching a series of funds erties and businesses can
praised as a smart way chase follows an Associ- take advantage of the tax to invest in Opportunity defer federal taxes on cap-
to attract money into ated Press investigation breaks for its properties. Zones projects. ital gains up to 2026, then
high-poverty areas long that showed Jared Kushner Under the law, it is difficult Kushner's stake in Cadre is get a big discount when
neglected by private in- owns stakes in 13 Opportu- for developers to get the worth at least $25 million, their bill comes due. And
vestors. But critics say it in- nity Zones properties, all in breaks if their properties according to a financial any gains from new zone
cludes too many gentrify- locations deemed by the were bought before the disclosure report filed with investments that are held
ing neighborhoods already Urban Institute in Washing- law was passed, though the federal government onto for at least 10 years
attracting investment and ton to be showing indica- there are ways around the earlier this year. won't be taxed at all.q