Kushner Companies to open Long Branch resort in time for Memorial Day weekend

Memorial Day weekend will market the opening of Kushner Companies’ Wave Resort at Pier Village, according to the Asbury Park Press. The newspaper and several other outlets noted that the $283 million addition to the New York-based developer’s existing footprint in Long Branch is slated to open May 27. The developer added a six-story, 67-room hotel at 50 Chelsea Avenue, immediately adjacent to its Pier Village ever-growing footprint. As previously noted by The Real Deal, Pier Village is a 492-unit resort with 90,000 square feet of retail space initially developed by Jersey City-based Ironstate Development. Kushner Companies bought the property for $200 million in 2014. Through a partnership with New York-based Extell Development, 269 condominiums, 40,000 square feet of retail space and the Wave Resort will be added to Pier Village. NJBIZ reported last summer that Kushner Companies also purchased two single-family homes adjacent to Pier Village for a collective $4.5 million. The company, which owns roughly 20,000 multifamily units, paid $1.1 billion earlier this year to acquire a 6,000-unit portfolio in Maryland and Virginia. [Asbury Park Press]