From the August issue: When Kushner Companies paid a record $1.8 billion for the aluminum-clad office building 666 Fifth Avenue in 2007, located between 52nd and 53rd streets, the market was still booming.
But less than two years later, Lehman Brothers had collapsed, and that 10-digit price tag seemed to be an outrageous reminder of a bygone era. Yet company CEO Jared Kushner continued to believe that the retail portion alone could be worth $1 billion. [more]
From left: Kushner Companies CEO Jared Kushner, the Skyline Apartments and the Boulevard Apartments
Kushner Companies acquired two New Jersey apartment buildings, marking its first deal in the state since 2007, when it sold a $2 billion portfolio to AIG. That transaction holds the record for the largest multi-family deal in New Jersey’s history.
This week’s deal covers 338 units in the Skyline Apartments and Boulevard Apartments complexes, built in the early 1950s by Hekemian & Co and Herbert Klein. The partnership retained ownership of the properties until the sale, which was worth $57.5 million, according to a source with knowledge of the deal. The off-market transaction was brokered by Ivan Dochter of Excel Realty Advisors. [more]
200 Lafayette Street
As it continues a major corporate overhaul, JCPenney signed a lease for new Soho office space to help lure a more innovative workforce. The New York Post reported it inked a 15-year deal for 130,000 square feet at 200 Lafayette Street, on the corner of Broome Street, a building purchased earlier this year for $50 million by Jared Kushner and CIM Group. [more]
Jared Kushner
Jared Kushner, real estate magnate, Trump in-law and New York Observer owner, may add one more feather to his cap: owner of the Los Angeles Dodgers. At 31, Kushner would be the youngest owner of a major league baseball team, the Los Angeles Times reported.
Kushner is reportedly working with UBS Vice Chairman Aryeh Bourkoff, an expert in investment banking in the media and technology sectors, on the possible deal. [more]
Jared Kushner and 200 Lafayette Street
[Updated at 5 p.m. Jan. 19 with details of the project's financing] Jared Kushner’s Kushner Companies and Los Angeles-based CIM Group closed yesterday on the $50 million purchase of a 90,000-square-foot office tower at 200 Lafayette Street, on the corner of Broome Street, a source told The Real Deal.
Kushner and CIM, who bought the building from investors John Zaccaro Sr. and John Zaccaro Jr., are planning a $20 million renovation to turn the property into state-of-the-art-office space. The building was marketed by Robert Burton, senior vice president of sales at Massey Knakal Realty Services, as well as Debra La Chance and Ariel Brenner of the Corcoran Group. [more]
After various delays and discussions, the city’s Landmarks Preservation Commission voted this morning to approve a highly scaled-back version of Kushner Companies’ proposed penthouse additions to the landmarked Puck Building at 295 Lafayette Street, it was announced today.
The approved additions are now 20 feet shorter, according to the Greenwich Village Society for Historic Preservation, which fought against the original proposal, and the size has been reduced by about 1,500 square feet. While the original proposal was prominently visible for many blocks to the north, east, and west of the building, much of the new version is practically invisible from the west, the society said.
News of the proposed rooftop extension broke in August and has been rejected several times by Landmarks since, largely on the basis of its original scale. – Katherine Clarke… [more]
Jared Kushner’s Kushner Companies has completed a refinancing of its mammoth tower at 666 Fifth Avenue with Vornado Realty Trust, Bloomberg News reported. Vornado is injecting $80 million of equity into the project in return for a 49.5 percent stake in the tower, while Kushner will also contribute $30 million to the refinancing.
Under the agreement, the tower’s senior debt will be reduced to $1.1 billion from almost $1.22 billion, a source with knowledge of the deal told Bloomberg. The equity contributions will cover the costs of leasing the 30 percent of the building that’s currently vacant, the source said. … [more]
From left: Kushner Companies principal Jared Kushner and 200 Lafayette Street (credit: PropertyShark)
Jared Kushner has teamed up with Los Angeles-based CIM Group to acquire a Soho office building for $50 million, the New York Post reported.
The 130,000-square-foot office tower at 200 Lafayette Street, on the corner of Broome Street, has gone into contract. The sellers are investors John Zaccaro Sr. and John Zaccaro Jr. They bought it for $20.5 million in 2006. As The Real Deal previously reported, the pair had been disputing with partners over how to respond to a foreclosure lawsuit filed over a $29.8 million mortgage by an affiliate of Blackrock Financial Management.
The building was being marketed by Robert Burton, senior vice president of sales at Massey Knakal Realty Services, and the Post said Kushner and CIM plan to invest $20 million to convert the interior into state-of-the-art office space…. [more]
Jared Kushner, a principal of the Kushner Companies, and the Puck BuildingThe Landmarks Preservation Commission again did not approve Kushner Companies’ proposal for a penthouse on top of the historic Puck Building at 295 Lafayette Street in Soho. The commission said it wanted further revisions to the scale and visibility of the rooftop addition to the 203,000-square-foot, mixed-use building between Houston and Jersey streets. The commission had previously rejected an even larger version of the proposal last month.
Though the LPC noted that it is open to an addition on the building, Chairman Robert Tierny said, “some rethinking is in order.” – Adam Fusfeld… [more]
Kushner Companies CEO Charles Kushner, the owner of 666 Fifth Avenue and father of New York Observer publisher Jared Kushner with a checkered past, has put his Livingston, N.J. home on the market for just less than $2 million, Curbed reported. The two-story mansion at 30 Fawn Drive has 18 rooms in total, including seven bedrooms and five plus two half bathrooms, and sits on a 30,550-square-foot lot with a two-car garage, according to the Prudential New Jersey listing. … [more]
For NYC real estate updates provide email below
