(Read more on the multifamily market.)

FLORHAM PARK, NJ-Kushner Cos. has put its 18,500-unit residential portfolio on the market and has hired the tandem of CB Richard Ellis and Goldman Sachs to find a buyer or buyers. The offering does not include another 6,500-unit residential group in which the company has an ownership interest, or the company’s 6.5 million sf of office, industrial, hotel and retail properties.

The move signals Kushner’s growing appetite for trophy properties, particularly those located in Manhattan. As reported by GlobeSt.com, the company bought the office tower at 666 Fifth Ave. in Manhattan earlier this year, paying a record $1.8 billion for the landmark asset.

“We have made a strategic decision to shift our real estate focus in a meaningful way in order to concentrate on significant asset investments, particularly in New York City,” says Jared Kushner, a principal of the company. “We have assembled a comprehensive portfolio of apartment complexes, and this transaction would allow a new owner to automatically become one of the largest multifamily owner/operators in the State of New Jersey, which has the highest median household income in the US.”

And if all goes according to plan, Kushner could assemble a substantial war chest for its search for significant assets. “Based on sales of comparable multifamily assets, the portfolio should generate bids in the $2-billion range,” says Darcy A. Stacom, who is heading the CBRE team on the assignment.

Most of the properties on the market are located in New Jersey, with additional holdings in Pennsylvania, Delaware and New York. All of them are both owned and managed by Kushner Cos.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.