Kushner closes on 16-building multifamily portfolio for $132M
Stone Street, HIG paid $73M for 291-unit package in 2012
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,