Florham Park, NJKushner CosCB Richard EllisGoldmanSachs

The firm's decision reflects a shift in its business strategy tofocus on a growing portfolio of commercial properties, whichincludes more than 6.5 million sf of office, industrial, hotel andretail space. The properties include 666 Fifth Ave. in New YorkCity, which it recently purchased for $1.8 billion.

"We have made a strategic decision to shift our real estatefocus in a meaningful way to concentrate on significant assetinvestments, particularly in New York City," stated Jared Kushner,a principal of the company. "We have assembled a comprehensiveportfolio of apartment complexes throughout the New Jersey andPennsylvania area. This transaction will allow a new owner toautomatically become one of the largest multifamily owner operatorsin New Jersey, which has the highest median household income in theUnited States."