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Kushner Companies Puts Manhattan Multifamily Buildings on Market

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Laurent Morali and 99 East 7th Street (left), 156 Sullivan Street (middle), and 318 East 6th Street (right) (Photo Illustration by The Real Deal with Getty, Google Maps, Compass, Apartments.com)

Kushner Companies is looking to sell a sizable chunk of its Manhattan apartment portfolio as the family-owned firm continues its suburban shift.

The New Jersey-based company has put up for sale 18 buildings containing more than 325 units in Greenwich Village. These properties make up about one-third of the company’s multi-family residential portfolio in Manhattan, according to Real Capital Analytics.

This led the Kushner family to sell 666 Fifth Avenue to Brookfield Asset Management in 2018, turning to building a sprawling suburban multifamily portfolio in locations including Maryland, Virginia and the company’s home state of New Jersey. It’s been one of the Kushner family’s biggest sellers ever since.

A representative for Kushner Companies did not immediately respond to a request for comment.

The offering is split into two portfolios. One is a group of 197 units in 11 buildings in the East Village. No asking price was available, but marketing materials from Meridian Investment Sales show that he has $85.5 million in debt on the property.

The teaser points out that the 7-year interest-only mortgage has a fixed interest rate of 3.34%, which buyers can assume.

For example, KKR recently purchased an apartment complex in Philadelphia for a record price of $357 million. low cost debt in place.

The second Kushner portfolio consists of seven buildings in the East and West Villages with 129 units. Marcus & Millichap’s marketing materials list his asking price at $58 million.

The Kushners began investing in Manhattan rental properties around 2012. the second largest Lower East Side apartment owner behind Steve Croman.

The company began marketing out of New York around 2017 when Jared Kushner stepped down to become Trump’s senior White House adviser. Since then, the company has poured money into its first-name suburban multifamily property.

In the latest move, Kushner launched a hostile takeover bid for Bellis Residential Real Estate Investment Trust in New Jersey.

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