329-335 E. 9th St.
According to public records and published reports, the real-estate development firm recently sold six buildings: the four contiguous properties at 329, 331, 333, and 335 E. Ninth St. between First Avenue and Second Avenue ($26.9 million), and 516 and 518 E. 13th St. between Avenue A and Avenue B ($11 million).
According to The Real Deal, the buildings represent 56 residential units and six retail spaces in total. (The new owners are the Baltimore-based JSB Capital Group and Holliswood Development.)
This follows multi-building sales from November through January.
Per Crain's:
At its peak a decade ago, Kushner Cos. owned about 40 rentals between Third Avenue and Avenue B, and between East 14th and East Houston streets. But in the past few years, it began unloading properties in the neighborhood, some of which have been plagued by legal battles with tenants over alleged construction problems and other issues.With the latest deals, the company's portfolio has been whittled by half, and company executives say two other unnamed properties are now in contract."We find ourselves in an environment that has become inhospitable," said Laurent Morali, the company's chief executive. "You can expect to see more sales in the future."
Inhospitable? Back to Crain's.
Rules passed as part of pro-tenant reform laws in 2019 have made it more difficult for landlords of rental sites to run the traditional playbook of converting regulated units into pricier market-rate versions. Some landlords have blamed those reforms for stifling the investment sales market.But some of Kushner Cos.' units also became entangled in a thicket of long-running tenant lawsuits that execs have blamed on the left-leaning area's antipathy toward former President Donald Trump, who is Jared Kushner's father-in-law and for whom Jared served as a senior White House adviser beginning in 2017.
At one point, Kushner Cos. was the second-largest owner of East Village residential buildings, trailing only convicted felon Steve Croman.
• Reports outline how Kushner Companies is aggressively trying to empty 170-174 E. 2nd St.
Previously on EV Grieve:
• More about Jared Kushner's East Village buying spree
• More about Jared Kushner's East Village buying spree
• Reports outline how Kushner Companies is aggressively trying to empty 170-174 E. 2nd St.
From one slumlord to the next slumlord
ReplyDeleteGood lord!
ReplyDeleteThese capitalist's are such thin-skinned, whining crooks. Kushner and these hedge funds parasites are the reason why there is housing shortage and for rents being astronomical.
Buy it, milk it, sell it is how they operate. I wonder what the actual investment prices were as compared to the selling prices on all of Kushner's properties. I'll be you he made a wad of cash.
You said it. I have been waiting years for a media outlet to do in-depth coverage on this. There has been coverage of private equities' role elsewhere but I have yet to see anything on the history of these unprincipled predatory capitalists. If they covered what has happened in for instance, four buildings in the EV people would not believe the harassment and unbelievable stunts pulled by the Kushner, Icon, etc. Kushner whining about lawsuits due to his FIL, peak nerve. Thank you to Cooper Square Committee and Good Old Lower East Sides for working with tenants. And no matter what people say about DeBlasio, he worked for tenant's rights like no other mayor.
DeleteBon Voyages Jared! Florida is more your pace and style these days.
ReplyDeleteDidn't live in Kushner building myself but friends who did said they were terrible owners and managers always harassing tenants and terrible about repairs doing lousy work. Good riddance.
ReplyDeleteTranslation: City government is making just a few efforts to curb our ways to maximally exploit our tenants, so we're bailing.
ReplyDelete"We find ourselves in an environment that has become inhospitable," said Laurent Morali, the company's chief executive. Sorry Precious, will try harder next time,
ReplyDeleteTrump world. Abusive.
ReplyDeleteI worry about all the wonderful small shops that are on that block of 9th Street that I regularly shop at. Too often, when buildings change hands, the landlord harassment goes from bad to worse because the new investors are anxious to make back their money fast.
ReplyDeleteNew owners are in Baltimore?!
ReplyDeleteI moved to Balitimore because the rents are cheap..coming from NYC...Baltimore reminds
Deleteme of nyc in the late 70s
And these real-estate people here are also mostly crooks.
early 80s..
he needs cash to buy more stuff in the Middle East. When will this awful family go away????
ReplyDeleteThis guy... this is not my kind of guy.
ReplyDelete