Kushner Real Estate Firm Cuts Corners On New York Paperwork For Tenants by the Forward

Kushner Real Estate Firm Cuts Corners On New York Paperwork For Tenants

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Jared Kushner basically used the time-honored “I forgot” excuse when it came to a few pesky meetings with Russian operatiives.

Kushner Companies, the real estate firm linked to the presidential son-in-law has encountered some paperwork difficulties of its own - running afoul for having failed to register as rent-stabilized units that the corporation got a huge tax break for.

According to the Real Deal, Kushner Co. in 2013 purchased the 46-unit digs at 50 North 1st Street in hip Williamsburg for $34 million. Opting into the 421A program, the firm was supposed to register as rent-stabilized all the units in exchange for a steep property tax cut.

But Kushner Co. has not recorded the tenant properties as such in the past year, despite getting a $1.2 million break. Rent-stabilized units tend to be less expensive, and the rent there can only be increased by a rate set by state and city authorities.

Kushner Co. claimed it had made a paperwork mistake, and had not jacked up rents. But like its former chief exec, it might pay better attention to the paperwork.

Contact Daniel J. Solomon at solomon@forward.com or on Twitter @DanielJSolomon

Author

Daniel J. Solomon

Daniel J. Solomon is the former Assistant to the Editor/News Writer at the Forward. Originally from Queens, he attended Harvard as an undergraduate, where he wrote his senior thesis on French-Jewish intellectual history. He is excited to have returned to New York after his time in Massachusetts. Daniel’s passions include folk music, cycling, and pointed argument.

Kushner Co. Skimps On NYC Tax Break Paperwork

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