Kushner snaps up Brooklyn Law School portfolio for $36.5M

Pounces on six multi-family properties after deals with two other possible purchasers unraveled

New York /
Feb.February 21, 2014 01:00 PM

Jared Kushner’s Kushner Companies has inked a deal to buy a multi-family portfolio in Brooklyn Heights from the Brooklyn Law School for $36.5 million, The Real Deal has learned.

The portfolio is comprised of six multi-family properties, at 89 Hicks Street18 Sidney Place144 Willow Street100 Pierrepont Street27 Monroe Place, and 38 Monroe Place.

Massey Knakal Realty Services broker Stephen Palmese marketed the portfolio on behalf of the Brooklyn Law School. The asking price for the properties was $41.15 million.

Other prospective purchasers had contracts on the property at $41 million and $40 million. But both deals ultimately fell through, a source close to the deal told The Real Deal. Kushner acted quickly and did a no due-diligence, hard deposit deal at $36.5 million earlier today.

The law school started acquiring the buildings in the 1980s. They have a combined 110 residential apartments and approximately 56,342 gross square feet. The units are 90 percent vacant.

“Today, Brooklyn Law School executed a contract and accepted a deposit for the sale of six of our smaller properties,” Nick Allard, dean of the law school, told TRD via email. “The Board of Trustees authorized the sale because with a smaller student body we need fewer apartments to meet the housing needs of our students.”

The school decided to liquidate assets at this “opportune time in the real estate market,” he said.

Massey Knakal was not immediately available for comment. Kushner declined to comment on the deal.

The deal is the latest in Brooklyn for Kushner, who acquired a 46-unit rental building at 50 North 1st Street in Williamsburg for $33.8 million last year.


Related Articles

arrow_forward_ios
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
From left: Kushner Companies’ Charles Kushner, Fortress Investment Group's Peter Briger, and Veris Residential’s Mahbod Nia (Getty, Fortress Investment Group, YouTube)
Kushner gets Fortress to fund hostile takeover of Veris
Kushner gets Fortress to fund hostile takeover of Veris
From left: Kushner Companies' Charles Kushner and Veris Residential's Mahbod Nia (Getty, Veris Residential)
Veris rejects Kushner’s takeover bid
Veris rejects Kushner’s takeover bid
Laurent Morali and 99 East 7th Street (left), 156 Sullivan Street (middle), and 318 East 6th Street (right) (Photo Illustration by The Real Deal with Getty, Google Maps, Compass, Apartments.com)
Kushners look to sell big piece of Manhattan apartment holdings
Kushners look to sell big piece of Manhattan apartment holdings
Kushner Companies' Charlie Kushner, Veris Residential's Mahbod Nia (Elkus Manfredi Architects, Getty, Veris Residential)
Kushner trashes Veris leadership to boost takeover bid
Kushner trashes Veris leadership to boost takeover bid
Nicole Kushner Meyer with 812 Park Avenue (Kushner, Google Mpas, Getty)
Nicole Kushner Meyer lists Lenox Hill co-op for $12M
Nicole Kushner Meyer lists Lenox Hill co-op for $12M
Puck Building at 293 Lafayette Street (Kushner)
Penthouse at Kushner’s Puck asks $35M
Penthouse at Kushner’s Puck asks $35M
Jersey City mayor Steven Fulop, Kushner Companies' Nicole Kushner Meyer and render of One Journal Square (Getty Images, Kushner Companies)
“Charlie, we did it”: Kushner breaks ground on long-delayed towers
“Charlie, we did it”: Kushner breaks ground on long-delayed towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...