Friday, February 2, 2024

Report: Kushner Cos. continues East Village exit plan

EVG file photo of 170-174 E. 2nd St. 

After sucking the life out of its East Village portfolio, the Kushner Cos. continues selling off its East Village properties. 

According to The Real Deal, the company has just sold five apartment buildings to Penn South Capital for $41 million: two buildings at 170-174 E. Second St., 325 E. 10th St., 23 Avenue A, and 49 ½ First Ave. 

The multifamily sale is Kushner's third in the neighborhood in as many months. The firm unloaded six East Village properties to David Gleitman's Targo Capital Partners for about $58 million in late December. In November, Kushner sold 504-508 E. 12th St. to Sabet Group for nearly $20 million. Kushner’s East Village exit was over a year in the making. 

The firm started shopping 18 buildings in the Manhattan neighborhood in late 2022. Since 2018, it has turned its focus to building a suburban apartment portfolio that spans Maryland, Virginia, and the firm’s home state of New Jersey.
At one point, Kushner Cos. was the second-largest owner of East Village residential buildings, trailing only Steve Croman

• Reports outline how Kushner Companies is aggressively trying to empty 170-174 E. 2nd St.

• Local politicos join residents of 2 Jared Kushner-owned buildings to speak out about poor living conditions, alleged harassment 


Anonymous said...

Out of the frying pan, into the fire.

Exterminator said...

For those who haven’t seen it, there is a
series on Netflix called Dirty Money. There
is an episode dedicated to Jared Kushner
called Slumlord Millionaire. The title of the
episode was was earned, and it’s def
worth watching.

drew said...

I hope and hope he sells our building

Anonymous said...

I'm a longtime stabilized tenant in one of those buildings Kushner recently sold off for a nice multi-million-dollar profit after holding it less than ten years. Kushner's people did send me a personal "f--- you" as they exited the scene. One of their reps showed up at my apartment with two workers and caused physical damage, for no apparent reason. Then the rep inappropriately offered me a low buyout, it was really strange. I expressed my outrage at his illegal conduct and made him leave. Maybe I should've called the cops. The damage was mostly superficial so I fixed it at personal cost rather than involve the new landlord. We'll see how it works out with the new people. OK so far.

But I'd like to know, did anyone else experience anything like that from Kushner as he got ready to sell his EV properties?

Exterminator said...

Watch the Netflix show mentioned above. Among other properties is a building he purchased on east 9th street and a tenant named Uta, who beat him in court. Jared is a lowlife, just like his family and in-laws.

Anonymous said...

Kushner is just another sleazy landlord-real estate developer making a quick dollar on tenants' misery and destroying the integrity of affordable housing.

Anonymous said...

@anonymous 7:16pm. I appreciate you! Show these managing agents what they are getting into

Anonymous said...

These types of landlords are generally cut and pasted, while the political ties of this one seem to generate relief he’s exiting, the fact a guy this plugged in is exiting the neighborhood now is not a good sign for its prospects

Anonymous said...

I know soon in the 504-508 building who they are trying to evict and much of it is administrative mistakes Sabet is certainly trying to take advantage of. No one should lose their home due to an administrative mistake. Shame on them for assuming this kind of situation is low handing fruit to remove someone who has been in their apt for decades.

Anonymous said...

Ev grieve, would you perhaps one day host an event in the park- a kind of meet and geeet flash mob??