Kushner Companies has closed on the acquisition of a 16-building, 291-unit portfolio of Manhattan and Brooklyn multi-family walk-up properties from Stone Street Properties and HIG Realty Partners for $131.5 million.
The announcement was made by Jared Kushner, CEO of Kushner Companies. 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, NY.
Kushner Companies has one of the largest and fastest growing portfolios of walk-up apartments in New York City’s emerging and neighborhoods.
“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,” said Kushner.
“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.”
Stone Street Properties, founded by Jeffrey Kaye and Robert Morgenstern, partnered with HIG to buy the portfolio of multi-family properties in 2012.