65 Bay Street | |
---|---|
General information | |
Status | Completed |
Type | Apartments |
Address | 65 Bay Street |
Town or city | Jersey City, New Jersey |
Country | United States |
Coordinates | 40°43′11″N74°02′08″W / 40.719687°N 74.035624°W Coordinates: 40°43′11″N74°02′08″W / 40.719687°N 74.035624°W |
Named for | Donald Trump |
Groundbreaking | May 14, 2014 |
Opened | Early November 2016 |
Cost | $225 million |
Owner | Morgan Street Developers Urban Renewal Company LLC |
Height | 484 feet (147.5 m) |
Technical details | |
Floor count | 50 |
Design and construction | |
Architecture firm | DeWitt Tishman Architects Humphreys and Partners Architects |
Developer | Morgan Street Developers Urban Renewal Company LLC |
Other information | |
Number of units | 447 |
Website | |
trumpbaystreet |
65 Bay Street is a 50-story apartment tower, originally named Trump Bay Street after Donald Trump and located at 65 Bay Street in Jersey City, New Jersey. [1] It is located adjacent to the Trump Plaza apartment tower, which was completed in 2008. A second Trump Plaza tower had initially been planned but was delayed, and the property for the proposed building was sold several times during the Great Recession.
Kushner Companies – managed by Trump's son-in-law, Jared Kushner – and New Jersey-based KABR Group purchased the property in 2011. Groundbreaking for the second tower, Trump Bay Street, took place in May 2014. The project, built at a cost of $225 million, was opened in November 2016.
A 55-story twin-tower apartment project known as HarborSpire was initially planned for the property, located at the intersection of Washington Street and Bay Street. The project was approved in 1999, but never materialized. [2] [3] In July 2005, Donald Trump became involved in a new, similar twin-tower project, to be built on the same property and to be known as Trump Plaza. [3]
The first Trump Plaza tower was completed in 2008. The originally planned second tower was delayed, and the property for it was ultimately sold several times during the recession. [4] Morgan Street Developers Urban Renewal Company LLC, a partnership of Kushner Companies and New Jersey-based KABR Group, [5] purchased the property out of foreclosure in April 2011. [6] [7] [4] Kushner Companies was managed by Trump's son-in-law, Jared Kushner. [5]
In April 2014, the city council approved a five-year tax abatement for Trump Bay Street, the second phase of the Trump Plaza project. [4] [8] Trump Bay Street was designed by DeWitt Tishman Architects and Humphreys and Partners Architects. [1] The structure, located one block east of Trump Plaza, [9] was designed to resemble its twin tower. [4]
Groundbreaking for the second tower was held on May 14, 2014. The 50-story tower was to have 447 apartment units, and was expected to take approximately 30 months to build, [4] [9] [10] with construction expected to cost $193.5 million. [9] The project was partially funded by $38.5 million from the partnership of Kushner Companies and KABR. [4] The project was also financed for $50 million by Chinese investors through the EB-5 visa program, which Trump criticized during his 2016 presidential campaign. [11] [12] [13] CIT Group also provided a $140 million loan for the project. [13]
On September 30, 2015, during construction, a concrete block fell from the building's 31st floor and injured a police officer's torso. [14] [15] Most construction work was halted that day and the following day while the Occupational Safety and Health Administration, as well as state labor safety officials, investigated the incident. Before allowing construction to resume, city officials had construction workers remove debris from each floor and construct scaffolding on the building's side to protect pedestrians below. Police officers responsible for directing traffic between Trump Bay Street and another construction site also began wearing hard hats. [15] [16] The project was completed at a cost of approximately $225 million. [13]
Trump Bay Street began leasing apartments in early November 2016. [7] The building includes 50 floors and stands 484 feet tall. [1] After Trump was elected as U.S. president, Jared Kushner was appointed as a White House advisor. Kushner divested some of his stakes in Kushner Companies, but maintained economic interest in Trump Bay Street. [13]
In February 2017, local residents protested outside the building, stating their intention to boycott any retailers that occupy space on the ground floor. Explaining their reason for protesting, the residents cited President Trump's actions that targeted illegal immigration and refugees from Muslim majority countries, as well as comments that he made in 2015, in which he claimed that thousands of Jersey City residents cheered after learning about the September 11 attacks. [17] [18]
In May 2017, it was reported that state officials allowed the project's developers to cite high unemployment rates in other parts of the city in order to qualify for EB-5 funding, as the area around Trump Bay Street had a low unemployment rate of less than three percent. [19] EB-5 advisor Michael Gibson stated that such a practice, although contrary to the original purpose of the EB-5 program, was still legal. [20] As of June 2017, more than half of the building was rented out, and the structure was valued between $340 million and $360 million. [13]
The New York Observer was a weekly newspaper printed from 1987 to 2016, when it ceased print publication and became the online-only newspaper Observer. The media site focuses on culture, real estate, media, politics and the entertainment and publishing industries. As of July 2021, the editorial team is led by editor-in-chief Meg Marco.
Charles Kushner is an American real estate developer, former federal inmate and disbarred former attorney. He founded Kushner Companies in 1985.
Trump World Tower is a residential condominium building in the Turtle Bay neighborhood of Midtown Manhattan in New York City. The tower is located at 845 United Nations Plaza, on First Avenue between 47th and 48th Streets. It was developed by Donald Trump and was constructed between 1999 and 2001.
The Trump Organization is a group of about 500 business entities of which Donald Trump is the sole or principal owner. Around 250 of these entities use the Trump name. The organization was founded in 1927 by Donald Trump's paternal grandmother, Elizabeth Christ Trump, and his father, Fred Trump, as E. Trump & Son. Donald Trump began leading it in 1971, renamed it around 1973, and handed off its leadership to his children in 2016 when he won the 2016 United States presidential election, defeating Hillary Clinton.
Journal Square is a business district, residential area, and transportation hub in Jersey City, New Jersey, which takes its name from the newspaper Jersey Journal whose headquarters were located there from 1911 to 2013. The "square" itself is at the intersection of Kennedy Boulevard and Bergen Avenue. The broader area extends to and includes Bergen Square, McGinley Square, India Square, the Five Corners and parts of the Marion Section. Many local, state, and federal agencies serving Hudson County maintain offices in the district.
Trump Plaza was a hotel and casino on the Boardwalk in Atlantic City, New Jersey, owned by Trump Entertainment Resorts. Designed by architect Alan Lapidus, it operated from May 15, 1984 until September 16, 2014.
Jared Corey Kushner is an American businessman and investor. He served as a senior advisor to 45th U.S. president Donald Trump, his father-in-law. Since leaving the White House, Kushner founded Affinity Partners, a private equity firm that derives most of its fund from the Saudi government's sovereign wealth fund.
Downtown is an area of Jersey City, New Jersey, United States, which includes the Historic Downtown and the Waterfront.
Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. The company's biggest presence is in the New Jersey residential market.
Trump Plaza also known as Trump Plaza Residences, is the first of two apartment complex buildings to be built in Jersey City, New Jersey. Trump Plaza Residences is 532 ft tall (162 m) and has 55 floors, and is the 7th tallest residential building in New Jersey. In 2020, the Trump name was removed from the properties and has been renamed the 88 Morgan Street Condominiums.
1 Journal Square is a skyscraper complex at Journal Square in Jersey City, New Jersey proposed by the Kushner Companies. The initial version consisted of two towers with roughly 3,000 residential units and 160,000 square feet of commercial space, but the project has been scaled back as of 2020.
Trump National Golf Club is a private golf club located on Lamington Road in Bedminster, New Jersey. Approximately 40 miles (64 km) west of New York City in Somerset County, it is owned and operated by The Trump Organization.
Steven Roth is a real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties, and chairman and chief executive officer of Alexander's.
Kushner Real Estate Group, also known as the KRE Group is an American real estate development company based in Bridgewater, New Jersey. The company has developed, owns, and manages properties throughout New Jersey, New York, and Pennsylvania, including more than 6,000,000 square feet of commercial industrial, and retail property, and more than 9,000 existing apartments, with an additional 7,000 apartments in various stages of approvals and construction. The company controls more than 6 million square feet of commercial industrial, and retail property, and more than 9,000 apartments.
Journal Squared, or J2, is a 3-tower retail and residential complex under construction at Journal Square in Jersey City, New Jersey Upon completion, the complex will consist of buildings of 54, 60, and 70 stories, among the tallest buildings in the state.
Murray Kushner is an American real estate developer.
Donald Trump is an American businessman and television personality who served as the 45th president of the United States from 2017 to 2021. He began his real estate career at his father's company, Trump Management, which he later renamed the Trump Organization. He rose to public prominence after concluding a number of highly publicized real estate deals in Manhattan, and his company now owns and licenses his name to lodging and golf courses around the world. Trump partly or completely owned several beauty pageants between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump's unsuccessful business ventures have included numerous casinos and hotel bankruptcies, the folding of his New Jersey Generals football team, and the now-defunct Trump University.
Trump Plaza is a 36-story cooperative apartment and retail building at 167 East 61st Street on the Upper East Side of Manhattan, New York City. The property, designed by Philip Birnbaum and named after Donald Trump, opened in 1984 at a cost of $125 million.
The Kushner family is an American family involved in real estate development. The family originated from Novogrudok, Poland, and is based in the New York metropolitan area. After surviving the Holocaust and settling in the United States, Joseph Kushner developed a portfolio of 4,000 apartments. He left the business to his sons, Murray and Charles Kushner, who worked together before having a falling out over business and personal matters. Charles owns Kushner Companies and Murray owns the Kushner Real Estate Group. The net worth of Charles' family has been estimated at over $1 billion. Jared Kushner, Charles' son, was senior advisor to President Donald Trump.