Commercial
New York
Kushner Cos. buys Gary Barnett out of development on NJ waterfront
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Kushner lands $100M financing as New Jersey push continues
Firm developing multifamily, retail on Jersey Shore
Kushner Companies is cornering development projects across New Jersey, recently landing $100 million in financing to build on the Jersey Shore.
Madison Realty Capital provided $85 million to Kushner for a mixed-use development in Long Branch, while Unity Capital provided $15 million in mezzanine financing, the Commercial Observer reported. Kushner broke ground on the $130 million project at 144 Broadway Place last month.
The project includes 299 residential units, 21,000 square feet of retail space and 558 parking spaces. A SuperFresh grocery store will occupy part of the retail portion of the development. Amenities will include a theater, yoga studio, an outdoor deck, a rooftop terrace and co-working space.
The project is slated for completion in 2026.
In a statement, Madison Realty co-founder Josh Zegen noted the “growing demand for luxury residential and retail properties in recent years” in Long Branch, referring to it as a “supply-constrained housing market.”
Kushner is the developer and owner of Pier Village, a mixed-use community with luxury residences at 1 Chelsea Avenue. The firm also has the Wave Resort and Spa at 50 Chelsea Avenue on the beach.
It’s not just the Jersey Shore, though, as Kushner is easy to find across the firm’s native Garden State. Laurent Morali’s company is working on demolishing the vacant department stores of the Monmouth Mall in Eatontown. Kushner is planning for the addition of 1,000 apartments on the site, as “de-malling” the rest of the property and turning it into an open-air facility, rather than the enclosed space it is today.
It’s proving to be a busy week for Zegen’s Madison Realty. On Monday, the company moved into position to take control of Aby Rosen’s multifamily project at 175 Third Street in Gowanus, Brooklyn, buying up the property’s distressed debt with an intention to foreclose on RFR’s interest in the site.
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