Kushner closes on 16-building multifamily portfolio for $132M

Stone Street, HIG paid $73M for 291-unit package in 2012

TRD New York /
Mar.March 27, 2015 05:09 PM

Jared Kushner’s Kushner Companies just closed on a large multifamily portfolio, with 14 buildings scattered over several Manhattan neighborhoods and two in Brooklyn, for $131.5 million.

The 16-building portfolio, which spans just under 144,000 square feet, includes properties in Murray Hill, Greenwich Village, East Village, the Upper East Side and Brooklyn’s Boerum Hill. The sellers, a partnership between Stone Street Properties and HIG Realty Partners, paid just $73 million for the portfolio in 2012.

The deal, which closed Friday, comes in at about $916 per square foot, with a cap rate of 4.1 percent. More than half the units in the portfolio are rent-regulated. Back in December, the New York Post first reported that the portfolio was in contract.

A Marcus & Millichap team led by Peter Von Der Ahe and Joe Koicim brokered both sides of the transaction. “It was a pretty quiet and exclusive marketing process,” Koicim said. “We were able to get Jared to sign a contract within 30 days of seeing the buildings.”

Some of the properties in the portfolio are 310 East 83rd Street, 319 East 78th Street, 234-236 East 33rd Street, 101 Macdougal Street and 354 and 356 State Street.

Representatives for Kushner Companies declined to comment. The firm has steadily built up its multifamily portfolio in the city, particularly in the East Village. Recent deals include the $130 million acquisition of 17 East Village buildings from Westbrook Partners,


Related Articles

arrow_forward_ios
Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce

Marcus & Millichap laying off 20% of workforce
Photo illustration of Kusher Companies President Laurent Morali, Charles Kushner and the GM Building (Credit: Sasha Maslov, iStock, Trump Organization)

Kushner Companies moving from 666 Fifth to GM Building

Kushner Companies moving from 666 Fifth to GM Building
Douglas Eisenberg, Stephen Ross, Isaac Kassirer and Charles Kushner (Credit: Kushner by Sasha Maslov, Ross by Sean Zanni/Patrick McMullan via Getty Images)

Rent strike targets landlords who can “take the hit”

Rent strike targets landlords who can “take the hit”
Charlie Kushner and WeWork CEO Sandeep Mathrani with Dumbo Heights (Credit: Kushner via Sasha Maslov; Getty Images; Dumbo Heights)

For Kushner Cos., WeWork could be a problem at Dumbo Heights

For Kushner Cos., WeWork could be a problem at Dumbo Heights
Charlie Kushner and Harbor Point Estate in Maryland (Credit: Sasha Maslov; Harbor Point Estates)

Kushner Cos. pushes ahead with eviction lawsuits: report

Kushner Cos. pushes ahead with eviction lawsuits: report
Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

Judge grants Kushner tenants free rent at East Village complex
Charles and Jared Kushner and 229 West 43rd Street (Credit: Getty Images and Google Maps) 

Pandemic may finally push Kushner Cos’ Times Square retail space into default

Pandemic may finally push Kushner Cos’ Times Square retail space into default
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
arrow_forward_ios

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

Loading...