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New York

$1B deal for Kushner portfolio

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An investment arm of AIG and a unit of Pennsylvania-based Morgan Properties are teaming to by most of Kushner Companies’ apartment portfolio in New Jersey and Pennsylvania. The portfolio, which includes about 16,800 units, is selling for around $1 billion. AIG and Morgan will also assume about $920 million in debt as part of the deal. Kushner Cos. principal Jared Kushner said the sale represents a “shift of focus” for the firm, which will now primarily concentrate on commercial properties in Manhattan. more [WSJ]