Construction Defect Journal Archives

Kushners Abandon Property Bid as Pressures Mount Over Conflicts

May 10, 2017
David Kocieniewski & Caleb Melby - Bloomberg

A company owned by the family of Jared Kushner, President Donald Trump’s son-in-law, has abandoned plans to buy a sprawling industrial site in New Jersey from Honeywell International Inc., a major federal contractor, and develop it into a residential community.

Kushner Cos. had been the leading bidder for the 95-acre formerly contaminated site known as Bayfront, which is co-owned by Honeywell and Jersey City, city officials said. The company had submitted plans to build as many as 8,100 housing units to be marketed to Orthodox Jewish residents of the Williamsburg section of Brooklyn who are being priced out of that neighborhood.

Last fall, the Kushners bid about $150 million, tens of millions higher than competitors, according to people involved in the negotiations. Honeywell heard from others who would only make an offer once the environmental approvals for the cleaned-up site were final. So the bidding is scheduled to reopen later this year and Kushner Cos. had been expected to continue in the process, the people said.

But on Tuesday, when Bloomberg News asked about Bayfront, company spokesman James Yolles said the Kushners are no longer pursuing the project. He wouldn’t elaborate or explain.

Reprinted courtesy of David Kocieniewski, Bloomberg and Caleb Melby, Bloomberg



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