Kushner Companies Sells Off More East Village Walk-Ups for $38M

Kushner Companies continues to offload residential buildings in the East Village as it sells another piece of its portfolio for $37.9 million.

The buildings at 329-335 East Ninth Street and 516-518 East 13th Street sold to JSB Capital Group, a company with offices in Miami, New York City and Baltimore, as Kushner seems set on clearing out its cache of prewar walk-ups in the neighborhood, according to property records.

The Ninth Street mixed-use buildings sold for $26.9 million, while the East 13th Street properties went for $11 million, property records show.

Kushner Companies and JSB Capital Group did not immediately respond to a request for comment. It’s unclear who brokered the deal.

Until May, Kushner maintained a portfolio of about three dozen properties in the East Village that former CEO Jared Kushner began collecting shortly after taking over the helm of the company in 2008, according to Crain’s New York Business.

Now, with Kushner’s sister, Nicole Kushner Meyer, in the driver’s seat, the family business seems to be broadening its horizons outside of the city. Kushner Companies closed $1 billion in construction financing for four New Jersey projects in the last year, as Commercial Observer recently reported.

It also closed a $295 million construction loan to fund the second phase of its 1 Journal Square project in Jersey City, N.J. in July.

And while it expands its portfolio in the Garden State, Kushner has sold off some of its East Village portfolio and put others on the market, according to Crain’s.

“The city is a terrific place to live,” Kushner CEO Laurent Morali told Crain’s in May. “It’s just a less hospitable place to do business.”

(Disclosure: Joseph Meyer, chairman of Commercial Observer owner Observer Media, is married to Nicole Kushner Meyer, president of Kushner Companies.)

Mark Hallum can be reached at mhallum@commercialobserver.com.