The Real Deal New York

Kushner closes on 16-building multifamily portfolio for $132M

Stone Street, HIG paid $73M for 291-unit package in 2012

March 27, 2015 05:09PM
By Hiten Samtani

From left: Joe Koicim, Peter Von Der Ahe, 238 East 33rd Street and Jared Kushner

From left: Joe Koicim, Peter Von Der Ahe, 238 East 33rd Street and Jared Kushner

Jared Kushner’s Kushner Companies just closed on a large multifamily portfolio, with 14 buildings scattered over several Manhattan neighborhoods and two in Brooklyn, for $131.5 million.

The 16-building portfolio, which spans just under 144,000 square feet, includes properties in Murray Hill, Greenwich Village, East Village, the Upper East Side and Brooklyn’s Boerum Hill. The sellers, a partnership between Stone Street Properties and HIG Realty Partners, paid just $73 million for the portfolio in 2012.

The deal, which closed Friday, comes in at about $916 per square foot, with a cap rate of 4.1 percent. More than half the units in the portfolio are rent-regulated. Back in December, the New York Post first reported that the portfolio was in contract.

A Marcus & Millichap team led by Peter Von Der Ahe and Joe Koicim brokered both sides of the transaction. “It was a pretty quiet and exclusive marketing process,” Koicim said. “We were able to get Jared to sign a contract within 30 days of seeing the buildings.”

Some of the properties in the portfolio are 310 East 83rd Street, 319 East 78th Street, 234-236 East 33rd Street, 101 MacDougal Street and 354 and 356 State Street.

Representatives for Kushner Companies declined to comment. The firm has steadily built up its multifamily portfolio in the city, particularly in the East Village. Recent deals include the $130 million acquisition of 17 East Village buildings from Westbrook Partners,

  • richjew

    Dont know what the rent roll is, but it seems like a very decent peice.

  • BH

    Much of this is just old Icon management properties with SSP finishes, which are actually much nicer than what Icon has been doing. still, this purchase will mark an increase in rent for vacant units.

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