Facebook Twitter LinkedIn Google Plus RSS

30 Hudson St. tower NJBIZ at 25: Failed Projects

How generous of an incentive would you give to build a half-empty office tower? The state handed out $160 million in tax breaks for the Goldman, Sachs & Co. tower, which one industry insider called a "boondoggle": "It's underutilized and will never be utilized." Goldman employees used to the comforts of the Manhattan headquarters balked at having to work in the faraway Jersey City high-rise when it opened in 2004 — managers and equity traders, for whom the top 13 stories were built, flat out refused to move, meaning nearly a third of the building was vacant until 2008, and the original plans to make the tower the centerpiece of an Exchange Place campus are buried under a thick coat of dust.

Next: Abbott v. Burke decision

Also Popular on NJBIZ

Leave a Comment


Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy