The Real Deal New York

Kushner makes offer on AIG stake in apartment portfolio, sources say

June 10, 2010 09:00AM

From left: Charles Kushner and Jared Kushner

Manhattan-based Kushner Companies is looking to buy AIG’s equity stake in a 17,000-apartment portfolio, according to Bloomberg news, as the insurance giant faces mounting pressure to pay back its $182.3 billion government bailout. Kushner had sold off the collection of apartments in 2007 for $1.9 billion, in what Jared Kushner, son of company founder Charles Kushner and a principal with the firm, described as a “strategic shift” away from suburban property ownership. The sale came on the heels of Kushner Companies’ purchase of 666 Fifth Avenue for $1.8 billion — which, at the time, was the most ever paid for a single building in the country. Kushner has offered between $165 million and $190 million for the equity interest, according to sources close to the deal. The portfolio of properties includes mostly middle-income, suburban apartment buildings in Pennsylvania and New Jersey. [Bloomberg]

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