Jared Kushner buys 16-building portfolio for $132M

Sellers Stone Street and HIG bought the package in 2012 for $73M

New York /
Dec.December 10, 2014 09:00 AM

UPDATED, 12:03 p.m., Dec. 10: Jared Kushner’s Kushner Companies is buying a 16-building portfolio for $131.5 million from Stone Street Properties and HIG Realty Partners.

The portfolio includes 291 rental apartments and five retail properties, according to the New York Post. Fourteen of the buildings are located in Manhattan. The other two properties are in Brooklyn.

Marcus & Millichap’s Joseph Koicim and Peter Von Der Ahe are the brokers on the deal, which isn’t scheduled to close until 2015.

Stone Street, founded by Jeffrey Kaye and Robert Morgenstern in 2011, partnered with HIG to buy portfolios of multi-family properties. The sellers bought this package for $73 million in 2012.

The properties in the portfolio are 101 Macdougal Street, 104 East 7th Street, 438-440 East 13th Street, 236-236 East 33rd Street, 410 East 64th Street, 319 East 78th Street, 233 East 82nd Street, 310 East 83rd Street, 325 East 83rd StreetAnd 504 East 88th Street. The Brooklyn properties are located at 354-356 State Street, the newspaper reported. [NYP, 2nd] — Claire Moses

Correction: An earlier version of this story had the incorrect purchase price and number of units, due to an error in the source story. It is a $131.5 million deal with 291 units.


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