Kushner Companies Sells Off More East Village Walk-Ups for $38M
By Mark Hallum October 7, 2024 5:14 pm
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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, Holliswood Development and Edifice Partners, 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.
Marcus & Millichap’s Joe Koicim, Matt Berger, Logan Markley and Zan Colin brokered the deal on behalf of Kushner. A spokesperson for Marcus & Millichap did not provide a comment.
“We continue to seek opportunities in prime locations such as the East Village, Upper West Side, Williamsburg, Brooklyn Heights, Dumbo, Bushwick, and Carroll Gardens,” a spokesperson for Holliswood Development and Edifice Partners said in a statement. “Our focus remains on acquiring vacant buildings or properties with at least 65 percent free-market units, particularly those classified as tax class 2A/2B.”
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.)
Update: This story has been updated to include that Holliswood Development and Edifice Partners bought the properties with JSB Capital Group.
Mark Hallum can be reached at mhallum@commercialobserver.com.
