NEW YORK CITY—Kushner Cos. has closed on the acquisition of a 16-building, 291-unit portfolio of Manhattan and Brooklyn multi-family walk-up properties for over $131 million. The seller was a joint venture between Stone Street Properties and HIG Realty Partners.
Marcus & Millichap‘s Joseph Koicim and Peter Von Der Ahe brokered the deal.
The portfolio, which also includes five retail stores, 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.
“This acquisition is a natural extension of the Kushner Companies’ growing residential portfolio and our reputation as the leading owner and manager of walk-up apartments in New York City,” says Jared Kushner, CEO of Kushner Cos. “Through our management arm, Westminster City Living, we are bringing innovation and enhanced tenant services to this long-ignored asset class, creating value through the enhancement of these great assets to market leading status.”
Residents will benefit from Kushner Cos’ renovated apartments, featuring all new stainless steel appliances, renovated hallways and a responsive management and maintenance team.
According to Kushner Cos., the assets represent one of the largest and fastest growing portfolios of walk-up apartments in NYC’s emerging and most desirable neighborhoods.
Stone Street Properties, founded by Jeffrey Kaye and Robert Morgenstern, joined forces with HIG to buy the portfolio of multifamily properties in 2012.