Kushner Cos. Receives No Bites From Chinese Investors For New Jersey Project
Kushner Cos. is still seeking investors to help fund its controversial New Jersey project after making numerous pitches to Chinese investors these past two weeks without securing commitments.
The project, tied to the family of President Donald Trump’s son-in-law and senior adviser, Jared Kushner, received much criticism last week when Kushner’s sister, Nicole Meyer, was accused of name-dropping her brother and highlighting the family’s close ties to the president in a pitch to Chinese investors for funding.
Though the firm apologized for the misunderstanding, the project received a major blow when co-working giant WeWork, which had signed on to anchor the building, pulled out. WeWork was set to own 50% of the property with plans to use a large portion of the dual-tower development as an incubator and living space for tech startups. Its presence allowed the project to receive $59M in tax subsidies. WeWork reportedly backed out of the deal before Kushner's presentation in China, but its exit was private until now.
The company has not had any luck confirming investors after four pitches in Beijing, Shanghai and a presentation at the Four Seasons Hotel in Guangzhou before 50 people, Bloomberg reports. Du Guanchao, general manager assistant at QWOS Group, which sponsored the event on Sunday, told Bloomberg it may just be too soon to see commitments, and Chinese investors are more impressed by facts than a project’s name recognition.
Kushner Cos. is raising money for its One Journal Square project in Jersey City, which is scheduled to come online in 2018. The development consists of two towers with 1,476 high-end apartments and a medical center for pets.