Thursday, January 16, 2014

Jared Kushner not done buying every walk-up in the East Village

[Via Massey-Knakal]

Back in December, news broke that two buildings on East Second Street between Avenue A and Avenue B — No. 170-172 and 174 — were sold for $17.5 million. (The buildings hit the market in July 2012 for $16.5 million.)

At the time, we didn't know who the new owners were. The Real Deal got the scoop yesterday … and, as the headline tipped you off, it's a familiar name now in these parts (and not really for good reasons): Jared Kushner.

Let's try to add up what Kushner has bought up around here of late … he handed over $58 million for an eight-building portfolio in August and September 2012 … then, in February 2013, he bought a $130 million portfolio of 17 walk-up apartment buildings. (And how many longtime residents have lost their apartments in the process?)

As for his latest acquisitions … the two buildings on East Second Street contain a total of four ground-floor retail spaces and 43 apartments. The original listing noted that No. 174 has nearly 3,600 square feet of air rights available.

As we've noted before, Allen Ginsberg lived in apartment 16 at No. 170 from August 1958-March 1961 ... one of the many places he lived in the East Village until his death in 1997.

Hope this plaque doesn't get in the way of that shiny new Westminster Management sign...

Previously on EV Grieve:
Two East 2nd St. buildings sell for $17.5 million; will new owner still honor Allen Ginsburg?

[Updated] Report: Jared Kushner buys $130 million portfolio of East Village rental buildings

Report: Jared Kushner paid $49 million for 7 more Ben Shaoul-owned properties in the East Village

More about Jared Kushner's East Village buying spree

Hotel Toshi takes over 325 E. 10th St.

Soon, we will all be writing our rent checks to Jared Kushner

Reader report: East Village tenants taking Kushner Companies to housing court


Anonymous said...

For anyone who lives in one of the building's he has bought: Is he targeting students with his rentals, or is he going more upscale? I am curious as to what his master plan is.

Anonymous said...

Speaking of E. 2nd St between A and B ... what is Stairs? It's in the old Il Bagatto space and looks like a gay friendly bar/party space. It appeared out of nowhere in December and I thought it might just be for holiday parties this season, but it remains open every night with a velvet rope ... but almost always empty.

Jared Kushner from Ken's Kitchen said...

It's mine, mine all mine!

Anonymous said...

I've always loved this part of his Wiki bio:

He graduated from the Frisch School, a private, coed yeshiva high school in Paramus, New Jersey, and from Harvard University in 2003. His father had made a $2.5 million donation to the university.

As far as I know, Hofstra Law School is the only law school located in a building named after a convicted felon (Charles Kushner). I wonder why ethics classes are like there.

Anonymous said...

Kushner is targeting anybody who will pay nearly $4k for a 3 room, 400 sq ft apartment. Seems like a lot of recent grads more than current students as well as young Japanese men.

Anonymous said...

I live in a Kushner owned property (25 year tenant)and for the most part it has been really a torment (intermittent no heat or lights in the hall, no cleaning for months, etc.) The tenants who pay an amazing $4K to live in this walk up are split in terms of upscale or not. The students are using the place as a dorm complete with a rooftop sex scene. I think that the master plan is that eventually the last of the rent stabalized tenants will leave and THEN the plan kicks in - razing the properties for even more profitalbe uses. Time IS on their side.