Kushner Real Estate Firm Cuts Corners On New York Paperwork For Tenants
Jared Kushner Image by Getty Images
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 [email protected] or on Twitter @DanielJSolomon
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