The Real Deal New York

Kushner buys $130M portfolio of EV rental buildings

Investor continues multi-family buying spree

February 01, 2013 02:30PM
By Guelda Voien

From left: the East Village and Jared Kushner

UPDATED, 11:25 a.m., Feb. 6: A joint venture between Jared Kushner and an unnamed international investor has closed on a portfolio of 17 walk-up apartment buildings in Downtown Manhattan for a total of about $130 million, a source told The Real Deal. The buildings are situated between East 2nd and East 13th streets, First Avenue and Avenue B, in the East Village.

Aaron Jungreis of Rosewood Realty Group represented both parties in the deal, he confirmed to TRD.

The portfolio includes 267 apartments and 25 retail shops, the source said.

The seller was Westbrook Partners, a Manhattan-based real estate investment management company and developer Ben Shaoul. Westbrook representatives did not immediately return calls requesting comment.

While known for owning massive trophy office tower 666 Fifth Avenue in Midtown, Kushner has also recently emerged as one of the most active buyers of multi-family properties nationally, buying up an estimated 11,000 multi-family properties in the last few years, including in New York City, Baltimore and New Jersey.

The buildings included 201 East 2nd Street, 23 Avenue A, 129 First Avenue, 143 First Avenue, 338-340 East 11th Street, 165-167 Avenue A, 500 East 11th Street, 504 East 12th Street, 191-193 Avenue A, 435 East 12th Street, 516 East 13th Street, 211 Avenue A and 49 and 1/2 First Avenue.

The partnership will be making major capital improvements to all the buildings, according to a source close to the deal.

Last September, Kushner purchased a $58 million portfolio of walk-ups in the East Village, West Village and in SoHo from Benchmark Real Estate Group, as reported.

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