Kushner asking $85M for four-building Astoria portfolio

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

TRD 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.

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