Kushner Grabs 16-Building Multi-Family Portfolio
- Apr 01, 2015
Keith Loria, Contributing Editor
Kushner Cos. has acquired a 16-building, 291-unit portfolio of Manhattan and Brooklyn multi-family walk-up properties from a joint venture between Stone Street Properties and HIG Realty Partners for $131.5 million.
Stone Street Properties and HIG originally purchased the portfolio in 2012. Marcus & Millichap’s Joseph Koicim and Peter Von Der Ahe brokered the deal.
“The portfolio includes a good concentration on the Upper East Side, which is a market we want to expand in,” Jared Kushner, Kushner Cos.’ CEO, told Commercial Property Executive. “Furthermore, there was a lot of capital invested in the buildings over the past two years. We see a growing market with the ability to further improve the buildings and increase the value over the long run.”
The portfolio consists of 14 Manhattan buildings totaling 251 units scattered throughout the Upper East Side, Murray Hill, East Village and Greenwich Village, as well as two buildings totaling 40 units in the Boerum Hill section of Brooklyn. Additionally, the portfolio included five retail stores.
“It’s a unique portfolio and it became available at a price we found acceptable,” Kushner said. “We like to buy great assets and make sure they are operated and invested in properly. We have developed the best portfolio of walk-up apartments in New York City, where we maintain the buildings to a high standard and service the tenants.”
According to Kushner, the company has a program in place to further upgrade the buildings, including the addition of new stainless steel appliances, renovated hallways and a responsive management and maintenance team dedicated to customer service.
Kushner Cos.’ national reach consists of more than 20,000 multi-family apartments, as well as 12 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions.