The Real Deal New York

Kushner, CIM to sell 2 Rector Street for $225M

The partners paid $140M for the property in 2013

March 08, 2016 08:05AM


Jared Kushner and 2 Rector Street in the Financial District

Jared Kushner’s Kushner Companies and CIM Group will soon part with one of their marquee New York assets.

The partners are in contract to sell the 26-story, 465,000-square-foot office tower at 2 Rector Street for $225 million to Kevin Hoo’s Cove Property Group and Bentall Kennedy, a pension fund, the New York Post reported.

The price comes out to about $480 per square foot.

Eastdil Secured’s Doug Harmon and Adam Spies brokered the deal.

Hoo and Bentall Kennedy plan to market the building to boutique office tenants, apparently setting aside a plan pushed by Kushner last year to convert the property into a 452-unit residential building.

Kushner and CIM bought the Downtown property for $140 million in 2013 from Larry Gluck’s Stellar Management and Savanna, where Hoo was previously an executive. [NYP]Ariel Stulberg