By Jackie Roman | NJ Advance Media for NJ.com
One of New Jersey’s largest malls is getting a massive makeover thanks to one of the state’s biggest real estate developers.
Kushner Companies, run by the prominent family with ties to President-elect Donald Trump, negotiated a huge tax break that allows the company to avoid paying regular local property taxes in exchange for redeveloping Monmouth Mall. The 65-year-old shopping destination is the largest taxed property in Eatontown.
Kushner Companies is one of the state’s most high-profile real estate firms. It was founded by the family of Jared Kushner, Trump’s son-in-law.
Records show the lots included in the tax break brought in $5 million in total net property taxes for the borough in 2022, the year before the deal was brokered. That included about $4.7 million from the Kushner-owned portion of the property, with the remainder coming from a portion owned by Macy’s.
Under a PILOT agreement — or a payment-in-lieu-of-taxes deal — Kushner companies paid Eatontown $4.5 million in 2023 between taxes and other payments, according to town officials. The company will pay another $4.5 million this year and $4.3 million next year, officials said. The annual payments will drop to $4.1 million in 2026 and $3.8 million in 2027, under the agreement.
Kushner executives said the 30-year tax break is necessary to ensure the plan to transform the mall is financially feasible and mutually beneficial.
Related news:
Kushner Breaks Ground On Monmouth Square
1st store in N.J. mall’s massive makeover – A Barnes & Noble
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