The Real Deal New York

Kushner, Trump teaming up on Jersey City development

447-unit rental to break ground in a few days

May 12, 2014 09:00AM

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From left: Donald Trump, the Trump Plaza Residences at 88 Morgan Street in Jersey City and Jared Kushner

From left: Donald Trump, the Trump Plaza Residences at 88 Morgan Street in Jersey City and Jared Kushner

Donald Trump’s Trump Organization and his son-in-law’s Kushner Companies are teaming up for their first big project, in conjunction with KABR Group of New Jersey.

The trio is planning a 447-unit rental apartment building in Jersey City, sources involved in the project told the Wall Street Journal. The Kushner-KABR partnership plans to put $38.5 million of its own equity into the deal, and the rest will be paid with a $90 million construction loan and $65M in mezzanine financing tied to a federal government visa program, the Journal reported. The details of the Trump Organization’s involvement were not immediately clear.

The project could break ground in a few days, according to the paper.

“Jared is a very talented young man — it is going to be a great project,” Trump said in a statement to the Journal.

The development will be called Trump Bay Street and be located next to Trump Plaza Residences at 88 Morgan Street, a 55-story condominium completed six years ago by Dean Geibel, who engineered the project in a licensing deal with Trump. [WSJ]Julie Strickland

4 Responses to “Kushner, Trump teaming up on Jersey City development”

  1. May 12, 2014 at 11:00 am, no-permits said:

    this sounds like a terrible idea.

    • May 17, 2014 at 9:32 pm, Charlotte Friedman said:

      I can imagine that the Donald drummed this one up. I think he needs his thumb on it.
      Something tells me Kushner is powerful enough to stand on his own and should not be doing this….Keep the honeymoon longer too if you don’t do this. (hope you read here, :))

  2. May 12, 2014 at 7:47 pm, johnson said:

    Trump brags how rich he is, but does not use his
    own money to put up a building.
    Other people give him money to use his name.
    Why would anyone do that????
    it is the same thing as buying a replica.
    The replica has as nice name,but it is not
    real.

    • May 13, 2014 at 5:22 am, Adam said:

      Do you know anything about development?

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