North: Goldman Sachs Wins Tax Break

NJBIZ, Jul 23, 2007

JERSEY CITY Goldman Sachs Group Inc., the New York City-based investment banking and securities firm, last week won a $2 million tax abatement to build a second tower in the state's second largest city.

In a 6-to-1 vote, the Jersey City Municipal Council approved a proposal to slash Goldman Sachs' annual properly tax by roughly half on the planned building, which will cost $560 million to construct, according to Bloomberg News.

The new 30-story skyscraper would go up on 50 Hudson St., and is one of three parcels the company owns at the former Colgate-Palmolive plant along the city's waterfront. The new location will be a companion to the company's other Jersey City office tower at 30 Hudson St., the state's tallest building.

Both buildings are across the Hudson River from Goldman Sachs' future Lower Manhattan headquarters, which are currently under construction.