The Real Deal New York

Kushner Companies hopes to nearly triple its money on BK Heights rental buildings

18 Sidney and 144 Willow asking $20M combined
July 13, 2017 08:40AM

From left: 8 Sidney Place, Laurent Morali and 144 Willow Street

Kushner Companies is looking to cash in on a pair of brownstone Brooklyn Heights rental buildings it bought in 2014.

The firm — which was until January led by presidential senior adviser Jared Kushner — put the “fully renovated” properties at 18 Sidney Place and 144 Willow Street on the market for $20 million, the New York Post reported. Kushner bought the buildings from Brooklyn Law School for $7.6 million.

The seven-story property at 18 Sidney Place spans 9,785 square feet with 19 units, including a one-bedroom currently on the rental market for $3,850 a month, according to StreetEasy. The five-story building at 144 Willow has 8,230 square feet and 10 units. None are currently on the market, but a one-bedroom was previously listed at $3,259 a month.

Nearly all of the apartments are market rate, except for two rent-stabilized units. The 29 apartments include 11 studios, 14 one-bedrooms and four one-bedroom duplexes. TerraCRG’s Ofer Cohen, Adam Hess and Daniel Lebor, and Rosewood Realty’s Aaron Jungreis and Brendan Cohen, are marketing the properties.

The buildings are two of the six properties Kushner Companies bought from Brooklyn Law School in 2014 for a combined $36.5 million. Kushner Companies paid just over $3.2 million for 144 Willow and $4.4 million for 18 Sidney, property records show.

Three other buildings purchased at the time —100 Pierrepont Street, 27 Monroe Place and 38 Monroe Place — have been converted into luxury single-family homes. The 7,000-square-foot house at 27 Monroe, which was asking $16 million, recently sold for $12.9 million. [NYP] — E.B. Solomont

(To view more of Kushner Companies’ commercial sales transactions, click here)