The Real Deal New York

Kushner plans $414M condo building in Williamsburg

Developer paid $275M for 184 Kent Avenue

May 06, 2015 03:50PM
By E.B. Solomont


From left: Jared Kushner and 184 Kent

Jared Kushner is bringing condos to a Williamsburg rental building that once housed a Wild Turkey distributor.

Kushner Cos. plans to convert the 338 residential units at 184 Kent Avenue to condos, for a total sellout of nearly $414 million, according to plans filed with the Attorney General’s office that were reviewed by The Real Deal.

Kushner, along with Asher Abehsera’s LIVWRK and the Rockpoint Group, paid $275 million in April for the eight-story property, according to property records.

Located along the East Williamsburg waterfront, 184 Kent was once home to Austin, Nichols & Co., the Wild Turkey distributors. In 2010, Jason Halpern’s JMH Development converted the warehouse into a 338-unit, luxury rental building. Currently, studios are going for $3,000 a month, while one-bedrooms are asking $3,400 monthly and two-beds are asking $3,800 a month.

An offering plan for the project, dubbed Austin Nichols Condominium, calls 338 residential units and 63 storage units. While the partnership declined to comment, current residents received the proposed condo offering plan today, and the developer is offering to sell tenants their units, Crain’s reported.

Kushner and Abehsera have partnered on big deals before: They paid $375 million for a former Jehovah’s Witness property in Dumbo, as well as a Gowanus development site in partnership with SL Green Realty, as The Real Deal reported.

Kushner Companies has steadily built its residential portfolio in Manhattan, Brooklyn and Queens.

In March, Kushner Companies closed on a large multifamily portfolio with 14 buildings in Manhattan and Brooklyn, for $131.5 million. The sellers, Stone Street Properties and HIG Realty Partners, paid $73 million for the portfolio in 2012. Previously, Kushner bought 17 buildings in the East Village from Westbrook Partners, for $130 million.