Kushner Companies is looking to sell a sizable chunk of its Manhattan apartment portfolio as the family firm continues its shift to the suburbs.
The New Jersey-based company has put 18 buildings with more than 325 units in Greenwich Village up for sale. The properties account for about a third of the firm’s multifamily portfolio in Manhattan, according to Real Capital Analytics.
It’s one of the biggest offerings from the Kushners since the family sold 666 Fifth Avenue to Brookfield Asset Management in 2018 and pivoted toward building a sprawling suburban multifamily portfolio in Maryland, Virginia and the firm’s home state of New Jersey, among other places.
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Representatives for Kushner Companies did not immediately respond to requests for comment.
The offering is split into two portfolios. One is a group of 11 buildings in the East Village with 197 units. The asking price wasn’t available, but marketing materials from Meridian Investment Sales show the properties carry $85.5 million in debt.
The teaser notes that the seven-year, interest-only mortgage has a fixed interest rate of 3.34 percent and is assumable by a buyer — a feature that’s become especially valuable in a market chilled by high interest rates.
KKR, for example, recently purchased a Philadelphia multifamily complex at a record-setting price of $357 million — a deal that was only possible because the private equity firm could assume the low-cost debt in place.
The second Kushner portfolio consists of seven buildings in the East Village and West Village with 129 units. Marketing materials from Marcus & Millichap list the asking price at $58 million.
The Kushners began investing in Manhattan rentals around 2012, and at one point the company was reportedly the second-largest owner of apartment buildings on the Lower East Side, behind Steve Croman.
The firm began selling out of New York around 2017 when Jared Kushner left to become a senior adviser in the Trump White House. Since then, the company has poured its money into suburban multifamily assets, where it first made its name.
In its latest move, Kushner launched a hostile takeover bid of New Jersey’s Veris Residential real estate investment trust.