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Kushner Cos., which had been the leading bidder for Honeywell International's 95-acre industrial site in Jersey City, has abandoned plans to purchase the property to develop a residential community, Bloomberg reports.
Owned by the family of President Donald Trump's son-in-law Jared Kushner, Kushner Cos. had planned to build as many as 8,100 housing units that would be marketed to Orthodox Jewish residents being priced out of Williamsburg, Brooklyn.
Last year, the Kushners bid approximately $150M — a price much higher than the next competitor — but Honeywell had other potential bidders say they would make an offer after environmental approvals for the once-contaminated site were final. Bidding is expected to reopen later this year.
The move was applauded by ethicists, who were concerned about Kushner's role in the White House as a senior adviser and Honeywell's status as a federal contractor. The family has been facing pressure regarding its business expansion efforts in light of Kushner's new role, despite his recusing himself from potential conflicts.
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