Kushner Companies picks up NJ site primed for 590 rentals

Company's spent $13M in Long Branch Opportunity Zones this year

Dec.December 22, 2018 01:00 PM

Charlie Kushner (Credit: iStock)

Kushner Companies, which already has a large stake in the Jersey Shore town of Long Branch, is lining up another big project.

The company is close to acquiring a development site that’s been approved for 590 rental apartments and 99,500 square feet of commercial space, NJ.com reported.

“I can confirm that we are under contract to purchase the property,” Kushner Companies Creative Director Karen Zabarsky wrote in an email to NJ Advance Media.

The purchase price was not disclosed.

The property sits in a redevelopment area on Long Branch’s neglected Lower Broadway stretch. Seller Long Branch Partners got full approval from the local municipality to build the project in phases,  but approval from the Department of Environmental Protection is needed to move forward because the site sits in an area designed to protect coastal areas from overdevelopment.

Kushner Companies has purchased $13 million worth of properties in Opportunity Zones in Long Branch since April when the federal government – where Jared Kushner works as a senior advisor to President Trump – enacted legislation providing tax breaks to those who invest int he zones. [NJ.com] — Rich Bockmann

Related Articles

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

CrowdStreet CEO Tore Steen and vice president Darren Powderly (Credit: CrowdStreet and iStock)

Crowdfunding platform launches $20M Opportunity Zone fund

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

Harbor Group International's Jordan Slone and Kushner Companies's Charlie Kushner  (Credit: Sasha Maslov, Harbor Group)

Multifamily still delivers as investors avoid rent control

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

Treasury Department watchdog is investigating the Opportunity Zone program (Credit: iStock)

Opportunity Zone investigation won’t derail developer investment, experts say

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years