Kushner asking $85M for four-building Astoria portfolio

143-unit mulltifamily package was developer's first major Queens buy

New York /
Sep.September 28, 2016 03:30 PM

Jared Kushner’s venture into Queens real estate may be short-lived.

Kushner Companies is asking $85 million for a package of four Astoria buildings that marked the firm’s first major bet on the borough, The Real Deal has learned.

In January 2015, Kushner paid $51 million for a portfolio with 143 rental apartments and 11 retail units. Now, the development firm put all of it on the market except a retail condominium unit at 21-81 38th Street with five retail units. About 60 percent of the apartments are free-market units, while the rest are rent-stabilized.

Since buying the buildings, Kushner TRData LogoTINY has invested nearly $10 million in renovations. The overhaul included the expansion of most apartments from one- to two-bedrooms and from two- to three-bedrooms, said Rosewood Realty Group’s Aaron Jungreis, who is marketing the buildings on behalf of Kushner.

“They bought it cheap and they feel like the market is improving,” Jungreis said. “They’re not sellers who need to get out.”

A spokesperson for Kushner confirmed that the buildings are being marketed.

“We gut renovated the building and redid many of the units top to bottom, with top of the line kitchens, flooring and bathrooms, plus new common areas,” the Kushner spokesperson said.

The buildings, which are located at 21-80 38th Street, 21-81 38th Street, 23-05 30th Avenue and 23-15 30th Avenue, have steadily increased in value. John Petras and George Michelis’ RockFarmer Properties, formerly known as RockFarmer Capital, bought them in 2013 for $32 million.

The combined square footage of the properties is about 123,500 square feet, bringing the hypothetical per-square-foot price to $688 if it sells at ask.

Kushner has been in the spotlight recently — for his leadership role in presidential candidate Donald Trump’s inner circle; for appearing on the witness list for the Bridgegate trial to testify against New Jersey Gov. Chris Christie’s allies; and for closing on the $340 million purchase of the Jehovah’s Witnesses’ Watchtower building in Dumbo in one of Brooklyn’s priciest deals to date.


Related Articles

arrow_forward_ios
Kyle Bragg and Eric Benaim

Backers of big Queens megaprojects say city needs the jobs, homes

Backers of big Queens megaprojects say city needs the jobs, homes
Jared Kushner and Cadre CEO Ryan Williams (Getty, iStock)

Jared Kushner’s plan to unload Cadre stake shelved by pandemic

Jared Kushner’s plan to unload Cadre stake shelved by pandemic
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
Larry Silverstein of Silverstein Properties with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
229 West 43rd Street and Charlie Kushner (Google Maps, Getty)

Kushner Companies’ Times Square retail condo headed to auction

Kushner Companies’ Times Square retail condo headed to auction
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
Jared Kushner (Photo by Samuel Corum/Getty Images)

Jared Kushner divests stake in Cadre

Jared Kushner divests stake in Cadre
Jared Kushner and Jho Low (Credit: Getty Images)

Netflix’s “Dirty Money” delves into Jared Kushner, 1MDB scandal

Netflix’s “Dirty Money” delves into Jared Kushner, 1MDB scandal
arrow_forward_ios

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

Loading...