Kushner Companies is buying a Lower East Side hotel that was developed in 2003 and is reportedly in need of renovations.
The family-run firm is purchasing the Hotel on Rivington from former Wall Street attorney Paul Stallings, the New York Post reported. The hotel, located at 107 Rivington Street, has received a record number of noise complaints in the 7th Precinct. The 20-story hotel features several party spaces, including a triplex, penthouse event space. It was developed in 2003 for about $32 million, according to a New York Times article.
Price information was not immediately available. The hotel will need to be renovated in order to compete with the other boutique hotels in the area, according to the Post. The outlet reported that Joshua Kushner “made the call” to buy the hotel.
A spokesperson for Kushner Companies did not immediately return a request for comment.
The younger Kushner brother, founder of venture capital firm Thrive Capital, has taken a more active role in the family real estate business since his brother Jared became an adviser to President Trump. [NYP] — Kathryn Brenzel